Canadian Stocks Set For Mixed Open Amid Oil, Gold Shifts
(RTTNews) - Canadian stocks are likely to open on a mixed note Monday morning, tracking commodity prices, and amid continued uncertainty about the reopening of the Strait of Hormuz. The mood is likely to remain cautious ahead of a slew of crucial U.S. and Canadian economic data due during the course of this week.
Quarterly earnings updates will continue to provide some direction and activity for much part of the session is likely to remain stock specific.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.25 or 1.57% at $79.43 a barrel.
Gold futures are down $6.60 or 0.16% at $4,393.10 an ounce, while Silver futures are gaining $0.766 or 1.21% at $64.265 an ounce.
Canadian stocks moved higher Friday, more than offsetting the modest pullback seen in Thursday's session. The benchmark S&P/TSX Composite Index remained firmly positive throughout the day before settling with a gain of 244.92 points or 0.7% at a new record closing high of 36,381.23.
The strength on Bay Street came as gold stocks moved sharply higher along with the price of the precious metal, with the S&P/TSX Global Gold Index soaring by 6.6%.
Asian stocks ended broadly higher on Monday amid easing concerns about an immediate U.S. interest rate hike data showed U.S. employers unexpectedly cut jobs in July.
Regional gains, however, remained limited after Tehran warned that it will not reopen the Strait of Hormuz unless the United States meets a series of conditions, denting hopes for a return to stability in global energy markets.
European stocks are turning in a mixed performance in cautious trade as investors assess the situation in the Middle East and await some crucial economic data later this week.
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