Canadian Market Likely To Open On Positive Note
(RTTNews) - Higher precious metals prices and easing concerns about inflation thanks to a drop in oil prices suggest a positive start for stocks on Bay Street Monday morning. With a slew of corporate earnings updates from Canada and U.S. due this week, the mood in the market is likely to remain a bit cautious.
Investors will be looking ahead to the monetary policy announcements from the Bank of Canada and the Federal Reserve this Wednesday. While the Canadian central bank is likely to raise interest rate by 25 basis points, the Fed is widely expected to leave its rate unchanged.
The European Central Bank and the Bank of Japan are also scheduled to make their monetary policy announcements this week.
Data from Statistics Canada showed wholesale sales in Canada increased to 0.5% in September from -1.6% in August.
Canadian stocks edged lower on Friday due to escalating Middle East tensions. While higher crude oil prices lifted energy stocks, inflation concerns weighed on other major sectors.
The benchmark S&P/TSX Composite Index traded negative throughout the session before settling at 35,788.18, down by 185.27 points or 0.52%.
Asian stocks ended mixed on Monday amid renewed tensions in the Middle East and caution ahead of earnings from major U.S. technology companies due this week. Investors also looked forward to a slew of central bank meetings.
The major European markets are notably higher today amid a drop in oil prices and hopes for a positive progress in diplomatic efforts to reduce tensions in West Asia.
West Texas Intermediate Crude oil futures are down $2.25 or about 2.2% at $101.02 a barrel.
Gold futures are up $30.30 0.75% at $4,038.20 an ounce, while Silver futures are gaining $0371 or nearly 0.7% at $54.320 an ounce.
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