Bay Street May Open With Slightly Negative Bias; GDP, PPI Data In Focus

(RTTNews) - Weak crude oil and gold prices point to a negative open for Canadian stocks on Monday. However, the market may climb higher if GDP and producer prices data, due this morning, turn out to be positive.

Final data on Canadian GDP for the month of October is due at 8:30 AM ET. Data on Canadian producer and raw materials prices for the month of November, are also due at 8:30 AM ET.

Payfare Inc. (PAY.TO) announced that will be bought by 1517452 B.C. Ltd., an affiliate of Fiserv, Inc., for C$4.00 in cash per share, for total consideration of approximately C$201.5 million.

The Canadian market closed on a bright note on Friday, snapping a 6-day losing streak, after data from U.S. Commerce Department showing a slower than expected pace of acceleration by the PCE price index raised hopes for more interest rate cuts by the Federal Reserve next year.

Healthcare, real estate, technology, consumer discretionary, materials and utilities share were among the prominent gainers.

The benchmark S&P/TSX Composite Index fell to 24,250.02 in early trades, but recovered soon and then kept moving higher to eventually settle at 24,599.48 with a gain of 185.54 points or 0.76% at 24,599.48. The index shed about 2.9% in the week.

Asian stocks closed higher on Monday, tracking Wall Street's gains on Friday after the Federal Reserve's preferred inflation gauge came in below expectations, fueling hopes for more rate cuts by the U.S. central bank in 2025.

Underlying sentiment was also underpinned by expectations of more Chinese stimulus and the passing of a crucial funding bill in the U.S. that helped avert a year-end government shutdown.

European stocks are slightly up on Monday with investors largely making cautious moves ahead of upcoming Christmas holidays.

In commodities, West Texas Intermediate Crude oil futures are down $0.36 or 0.5% at $69.10 a barrel.

Gold futures are down $15.20 or 0.57% at $2,629.90 an oune, while Silver futures are gaining $0.222 or 0.74% at $30.180 an ounce.