Bay Street May Open On Mixed Note

RTTNews | 324 days ago

(RTTNews) - The Canadian market is likely to open on a mixed note on Monday. Easing worries about U.S.-China trade tensions may aid sentiment, while weak commodity prices could weigh on resources stocks and limit market's upside, if any.

Concerns about U.S.-China trade tensions have eased a bit following negotiators from the two nations agreeing on a trade framework ahead of the upcoming meeting of U.S. President Donald Trump and Chinese President Xi Jinping this week.

Investors are looking ahead to the monetary policy announcements from the Bank of Canada, the Federal Reserve, the European Central Bank and the Bank of Japan this week.

Both the Fed and BOJ are widely expected to lower interest rates by 25 basis points on Wednesday.

The Canadian market closed on a firm note on Friday, extending the upward move seen over the two previous sessions. The strength on Bay Street came as U.S. consumer price inflation data reinforced optimism about further interest rates cuts by the Federal Reserve in the coming months.

The benchmark S&P/TSX Composite Index remained firmly positive throughout the day before closing up 166.79 points or 0.6% at 30,353.07.

Asian stocks moved higher on Monday as softer-than-expected U.S. inflation data raised hopes of Federal Reserve rate cuts and reports suggested that the United States and China were closing in on a trade deal.

European stocks are turning in a mixed performance as investors await key interest rate decisions from major central banks, including the Federal Reserve and the European Central Bank, this week.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.22 or 0.36% at $61.28 a barrel.

Gold futures are down $85.50 or 2.07% at $4,052.30 an ounce, while Silver futures are down $1.126 or 2.3% at $47.465 an ounce.

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