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Bay Street Likely To Open On Weak Note

Canadian shares look headed for a negative start Monday morning, tracking weakness in global markets and lower commodity prices.

Investors will be eyeing a federal election in Canada. Prime Minister Justin Trudeau is likely to win the snap poll, but is seen losing his bid for a majority.

The focus is also on U.S. Federal Reserve's policy meeting on Tuesday and Wednesday, where the central bank is expected to lay the groundwork for a tapering.

The Canadian market ended notably lower on Friday after spending the entire session in negative territory amid signs of a slowdown global economic recovery due to the surge in coronavirus cases, and weak commodity prices. The S&P/TSX Composite Index ended with a loss of 117.74 points or 0.54% at 20,490.36. The index shed 0.7% in the week.

Africa Oil Corp. (AOI.TO) Monday announced the appointment of Craig Knight as Vice President Production at its London office, and Amy Bowe as Vice President Environmental, Social, and Governance (ESG).

Asian stocks tumbled in thin holiday trade on Monday, with markets in China, Japan, South Korea and Taiwan closed for holidays. Trading in Japan will resume on Tuesday, while Taiwan and China will be back on Wednesday and South Korea returns on Thursday.

European stocks are plunging sharply, hitting two-month lows in the process, amid worries about slowing global growth, concerns over a potential spillover of the debt crisis at China Evergrande Group and the prospect of tighter monetary policy due to Fed tapering.

In commodities, West Texas Intermediate Crude oil futures are down $1.65 or 2.29% at $70.32 a barrel.

Gold futures are gaining $6.30 or 0.36% at $1,757.70 an ounce, while Silver futures are up $0.023 or 0.1% at $22.360 an ounce.

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