Bay Street Seen Opening On Positive Note

Canadian shares may open higher Monday morning, tracking positive cues from Europe, where stocks are moving up as optimism about growth outweigh concerns about the spread of coronavirus cases.

Higher crude oil prices may also support sentiment.

Asian stocks ended broadly higher on Monday despite news that the Biden administration is weighing a new probe into Chinese subsidies.

European stocks are higher with optimism about strong euro zone economic recovery outweighing concerns over fresh regulatory crackdown on Chinese firms.

In commodities, West Texas Intermediate Crude oil futures for October are gaining 0.57 or 0.82 percent at $70.28 a barrel, amid concerns about tighter supplies following the damage caused by Hurricane Ida in the Mexican Gulf region, and as markets look ahead to an announcement from China about details of planned crude oil sales from strategic reserves.

Gold futures are down marginally at $1,791.10 an ounce, while Silver futures are lower by $0.245 or 1.03% at $23.655 an ounce.

The Canadian market ended weak on Friday, losing for a fourth straight session on worries the surging coronavirus could dent the pace of global economic recovery.

The S&P/TSX Composite Index closed lower by 72.21 points or 0.35% at 20,633.06, less than a couple of points from the day's low. The index touched a high of 20,759.16. The index shed about 0.9% this week.

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