Bay Street May Open Higher On Firm Commodity Prices

(RTTNews) - Canadian shares may open higher on Monday as firm crude oil and bullion prices are expected to trigger some strong buying in energy and materials sectors.

Worries about trade tensions may hurt a bit and limit market's upside.

The focus this week will be on Bank of Canada's interest rate decision due on Wednesday, and Canadian and U.S. jobs data due later in the week.

Oil prices are up sharply today amid possibility of U.S. imposing sanctions on Russia.

Despite hitting record highs earlier in the week, the Canadian market ended weak for a second straight day as trade tensions weighed on sentiment, prompting investors to tread cautiously on Friday.

Investors also digested the Canadian GDP data, as well as a slew of data from the U.S., including a reading on inflation and consumer sentiment.

The benchmark Canadian stock market index TSX Composite today opened lower, and despite dropping further post noon, managed to regain some lost ground and eventually settled with a modest loss of 35.51 points or 0.14% at 26,175.05. The index gained 0.6% in the week.

On Thursday, a U.S. federal appeals court temporarily reinstated Trump's tariffs, a day after a trade court ruled he had exceeded his authority, to consider the government's appeal.

Trade war concerns have resurfaced after U.S. President Donald Trump accused China of violating the trade agreement reached earlier this month.

Asian stocks ended broadly lower on Monday as trade tensions weighed on sentiment. After U.S. President Donald Trump accused China of violating trade agreement, Beijing accused U.S. of violating Geneva trade truce over chip curbs. Trump also announced that he will double the current tariff rate on steel and aluminum imports from 25% to 50%.

China, New Zealand and Malaysian markets were closed for holidays.

The major European markets are weak with investors largely making cautious moves amid concerns about trade tensions.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.50 or 4.1% at $63.29 a barrel.

Gold futures are gaining $61.60 or 1.86% at $3,377.00 an ounce, while Silver futures are up $0.406 or 1.23% at $33.435 an ounce.