Bay Street May Open On A Sluggish Note

Canadian shares may open on a somewhat sluggish note Monday morning, tracking weak cues from Asian and European markets.

Slightly higher commodity prices may push up a few stocks from energy and materials sections and limit market's downside.

The Canadian market ended flat on Friday with stocks turning in a mixed performance. Energy stocks moved higher, while information technology stocks declined. A buoyant jobs data lifted the market early on in the session, but stocks kept paring gains as the session progressed.

The benchmark S&P/TSX Composite Index, which advanced to 20,510.74 early on in the session, settled for the day at 20,416.31, up 0.10 from the previous close. The index gained 1.3% in the week.

Asian stocks closed weak on Tuesday as inflation worries persisted and Evergrande's debt troubles sent shockwaves across the region. There were also concerns that a recent fall in the U.S. jobless data would not suffice to slow the U.S. Federal Reserve's timeline for tapering its stimulus.

European stocks are down in negative territory around noon despite having recovered from early lows. The mood is cautious with investors awaiting quarterly earnings. Worries about Evergrande's debt woes too weigh on sentiment.

In commodities, West Texas Intermediate Crude oil futures for November are up $0.47 or 0.58% at $80.99 a barrel.

Gold futures are gaining $6.20 or 0.35% at $1,761.90 an ounce, while Silver futures are down $0.070 or 0.31% at $22.595 an ounce.

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