Bay Street Likely To See Positive Open
(RTTNews) - Canadian shares look headed for positive start Monday morning, tracking firm crude oil and bullion prices.
Concerns rising interest rates and economic slowdown, and tensions in Russia may weigh on sentiment and limit market's upside.
Preliminary data on Canadian manufacturing and wholesale sales for the month of May is due at 8:30 AM ET.
The Canadian market ended lower on Friday, extending losses to a sixth straight session, amid rising concerns interest rate hikes will hurt growth and weigh on corporate earnings as well.
The benchmark S&P/TSX Composite Index ended with a loss of 162.67 points or 0.83% at 19,418.23, a three-month low.
Asian stocks ended lower on Monday, weighed down by interest-rate worries and geopolitical tensions. Concerns about weak economic recovery in China hurt as well.
European stocks are turning in a mixed performance in cautious trade with a short-lived mutiny in Russia by the Wagner paramilitary group reviving concerns over nuclear arsenal security.
Meanwhile, German business sentiment pointed to the likelihood of a longer recession, further weighing on sentiment.
In commodities, West Texas Intermediate Crude oil futures are up $0.45 or 0.65% at $69.61 a barrel.
Gold futures are up $12.40 or 0.64% at $1,942.00 an ounce, while Silver futures are gaining $0.506 or 2.26% at $22.860 an ounce.
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