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Bay Street Likely To Open On Weak Note

Canadian shares are likely to open on a weak note following a negative lead from Asian and European markets after data showed the Chinese economy saw a much slower than expected pace of growth in the third quarter.

Weak bullion prices may also weigh on the market. However, energy stocks might see some buying as crude oil prices are climbing higher.

Data on Canadian housing starts for the month of September is due out at 8:15 AM ET.

At 9:30 AM ET, the Bank of Canada's Business Outlook Survey will be out.

The Canadian stock market hit a fresh record high and closed on a bright note on Friday, as optimism about earnings and strong economic recovery helped offset concerns about inflation and interest rate hikes.

The benchmark S&P/TSX Composite Index, which climbed to a fresh record high of 20,969.36, ended the session with a gain of 108.16 points or 0.52% at 20,928.10. The Index gained about 2.5% in the week, the biggest weekly rise since March this year.

Asian stocks fluctuated before ending on a subdued note Monday after data showed the Chinese economy and factory output slowed faster than expected. Inflation concerns and uncertainty over the fate of heavily indebted property firm China Evergrande Group also kept underlying sentiment cautious.

Europen stocks are drifting lower, weighed down by data showing a much slower than expected pace of Chinese economic growth.

In commodities, West Texas Intermediate Crude oil futures for November are rising $1.25 or 1.52% at $83.53 a barrel.

Gold futures are down $6.00 or 0.33% at $1,762.30 an ounce, while Silver futures are lowre by $0.104 or 0.45% at $23.245 an ounce.

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