Bay Street Seen Opening On Weak Note

(RTTNews) - Lower Canadian and U.S. futures, weak commodity prices and negative clues from Asian and European markets point to a lower opening for Canadian shares on Monday.

With policy announcements from several central banks, including the Federal Reserve, Bank of England, Bank of Japan and The Swiss National Bank due this week, the mood is likely to remain cautious.

Data on Canadian raw materials prices and producer prices for the month of August are due at 8:30 AM ET.

Dye & Durham Limited (DND.TO) announced on Sunday that it has made a revised proposal to Link Administration Holdings Limited (LNK.AX) with respect to Dye & Durham's proposed acquisition of Link Group.

The revised proposal maintains consideration of up to A$4.81 per Link Group share, on which the DND and Link Group agreed in July. Of the total, DND has proposed to pay A$3.81 per share upon the successful implementation of the acquisition's scheme, and A$1.00 per share would be payable upon a final and binding conclusion of the UK Financial Conduct Authority's active enforcement investigation into Link Fund Solutions Ltd.

The Canadian market ended notably lower on Friday as investors chose to lighten commitments amid rising fears over a global recession.

The World Bank's latest report that warns of a global recession is weighing on sentiment. The World Bank has warned that the world could face a recession next year amid simultaneous tightening of monetary policy by central banks.

The benchmark S&P/TSX Composite Index, which tumbled nearly 280 points to 19,283.19 intraday, ended the session with a loss of 174.28 points or 0.89% at 19,385.88. The index ended lower by 0.84% on Thursday.

Asian stocks ended broadly lower on Monday as investors braced for a slew of central bank decisions this week.

The Federal Reserve meets on Wednesday while the Bank of England (BoE) and the Swiss National Bank (SNB) will announce their monetary policy decisions on Thursday.

The Bank of Japan is also meeting on Thursday with no change in interest rates expected.

European stocks are down in negative territory in cautious trade with investors looking ahead the upcoming meetings of central banks.

The Bank of England meets on Thursday, with markets split on whether the central bank will raise rates by 50 or 75 basis points ahead of a mini budget to be unveiled by the new Chancellor of the Exchequer Kwasi Kwarteng on Friday.

In commodities trading, West Texas Intermediate Crude oil futures for October are down $2.41 or 2.85% at $82.70 a barrel.

Gold futures are down $12.30 or 0.73% at $1,671.20 an ounce, while Silver futures are down $0.041 or 0.21% at $19.340 an ounce.