Bay Street Seen Opening With Negative Bias; Resources Stocks May Rise
(RTTNews) - Lower Canadian and U.S. futures suggest a weak start on Bay Street Monday morning, but firm oil and metal prices could trigger some buying in resources stocks and help limit market's downside.
With the focus on upcoming earnings updates from major Canadian banks due this week, the mood is likely to remain a bit cautious.
Bank of Nova Scotia is scheduled to announce its earnings on Tuesday, while Royal Bank of Canada and National Bank of Canada are slated to report their earnings on Wednesday.
Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce's results are due on Thursday, while Laurentian Bank will report its earnings on Friday.
On the economic front, S&P Global's report on Canadian manufacturing activity in the month of November is due at 9:30 AM ET.
The Canadian market closed higher on Friday amid increasing expectations of a rate cut by the U.S. Federal Reserve even as investors assessed the day's economic releases.
The benchmark S&P/TSX Composite Index settled at a new record closing high of 31,382.78, gaining 186.07 points or 0.6%.
Asian stocks ended mixed on Monday as Chinese factory activity data disappointed and Bank of Japan Governor Kazuo Ueda gave one of his clearest indications that his board might increase interest rates soon.
The major European markets are weak today with weak regional manufacturing data and profit taking contributing to the downside.
In commodities trading, West Texas Intermediate Crude oil futures were up $0.63 or 1.08% at $59.18 a barrel.
Gold futures are up $33.30 or 0.78% at $4,288.20 an ounce, while Silver futures are gaining $0.752 or 1.32% at $57.915 an ounce.
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