Bay Street Likely To See Mixed Open

Canadian shares are likely to open on a mixed note on Monday as the mood is likely to remain cautious amid a lack of positive triggers.

Worries about rising coronavirus cases and fresh restrictions in several countries in Europe may weigh on sentiment.

Preliminary data on wholesale sales in Canada for the month of October is due at 8:30 AM ET. Wholesale sales in Canada rose 1% month-over-month to C$ 71.3 billion in September of 2021, following an upwardly revised 0.7% gain in August.

The Canadian stock market ended weak on Friday after languishing in negative territory right through the day's session, as weak crude oil prices and worries about growth due to surging coronavirus cases and fresh lockdown measures in Europe weighed on sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 82.51 points or 0.38% at 21,555.03. The index touched a low of 21,527.56 and a high of 21,625.73 in the session. The index shed nearly 1% last week.

Asian stocks ended mixed on Monday after some Fed policymakers signaled that the topic of a faster taper might be on the table when the Federal Open Market Committee meets in December. Worries about growth due to a surge in coronavirus cases hurt as well.

Chinese stocks moved higher as the country's central bank signaled possible easing measures to aid the economy's recovery.

European shares are paring early gains with investors treading cautiously amid concerns about the spread of the coronvairus across the continent. Germany and Austria have re-imposed strict restrictions on movements to curb the spread of the virus.

In commodities, West Texas Intermediate Crude oil futures for December are down marginally at $75.87 a barrel.

Gold futures are down $9.10 or 0.49% at $1,842.50 an ounce, while Silver futures are up $0.014 or 0.16% at $24.795 an ounce.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT