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Bay Street Set To Open On Negative Note

Canadian shares look headed for a gap down opening Monday morning, tracking a sell-off in global stock markets, and plunging crude oil prices.

Rising worries about the spread of the delta variant of the coronavirus in several countries and fears of fresh restrictions are hurting sentiment.

The Canadian market ended with pronounced losses on Friday, weighed down worries about likely monetary tightening by some central banks to rein in inflation, and the continued surge in coronavirus cases in several countries and fresh restrictions.

Weak bullion prices and worries about outlook for energy demand hurt as well. The benchmark S&P/TSX Composite Index ended down by 198.18 points or 0.98% at 19,985.54, slightly off the day's low of 19,976.01. The index shed about 1.34% in the week.

Major Asian markets closed in the red on Monday as mounting virus fears, anxiety over accelerating inflation and concerns over the resilience of the economic recovery impacted investor sentiment across the region.

European stocks are sharply lower Monday afternoon, as renewed fears of the spread of the delta variant drain the euphoria in the major bourses in the region. Travel and leisure stocks are bearing the brunt of the feared fatigue in virus fights, and energy stocks are reeling under pressure amid falling crude oil prices.

In commodities, West Texas Intermediate Crude oil futures for August are down as much as $2.70 or 3.8% at $69.11 a barrel.

Gold futures are down $16.10 or 0.9% at $1,798.80 an ounce, while Silver futures are down $0.0520 or 2% at $25.275 an ounce.

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