Bay Street Looks Headed For Positive Start
(RTTNews) - Canadian stocks look headed for a positive start Monday morning, with rising bullion prices and rate cut bets set to lift sentiment.
Gold prices rose to record high above $3,700 per ounce today, due to geopolitical tensions and heightened expectations of a dovish rate cut path.
Tensions between Nato and Russia have been dramatically rising after a series of what European governments say are deliberate, provocative acts by the Kremlin.
Meanwhile, Irael's occupation of Gaza is generating an increasing wave of opposition among Western countries.
Data on Canadian producer prices and raw materials prices for the month of August are due at 8:30 AM ET.
Canadian stocks moved to new highs on Friday, with the recent interest rate cut decisions by the Bank of Canada as well as the US Federal Reserve on Wednesday continuing to lift market sentiment despite concerns from a section of analysts that valuations remain "stretched."
The benchmark S&P/TSX Composite Index ended with a gain of 314.83 points or 1.07% at 29,768.36, a new record high for the index.
Asian stocks turned in a mixed performance on Monday as investors wondered how U.S. President Donald Trump's crackdown on immigration will reshape the world's largest economy in the short and long term.
European stocks are a bit weak today with investors mostly making cautious moves, looking ahead to some key economic data from the region, and the U.S. this week.
West Texas Intermediate Crude oil futures are down $0.37 or 0.63% at $62.31 a barrel.
Gold futures are up 52.70 points or 1.42% at $3,758.50 an ounce, while Silver futures are up $0.998 or 2.34% at $43.950 an ounce.
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