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Bay Street Likely To Open On Weak Note

Canadian shares are likely to open on a weak note on Monday, tracking weakness in European markets and lower gold and crude oil prices.

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

Final data on Canadian manufacturing sales and wholesale sales for the month of are due at 8:30 AM ET.

In earnings news, K92 Mining Inc (KNT.TO) reported net income of US$14.1 million, or US$0.06 per share in the first quarter of 2022.

The Canadian stock market ended on a strong note on Friday with investors indulging in hectic bargain hunting after six successive days of losses. The benchmark S&P/TSX Composite Index ended with a gain of 400.76 points or 2.03% at 20,099.81 nearly 100 points off the day's high of 20,196.60.

Asian stocks pared some early gains and ended on a mixed note on Monday after the latest data out of China showed the gloomy impact of the country's "zero-COVID" policy.

European stocks are broadly lower, weighed down by the latest data out of China that showed the gloomy impact of the country's "zero-COVID" policy.

A downward revision by the European Commission in its growth forecast for the 19 countries sharing the euro to 2.7% this year from 4% predicted in February is weighing as well on sentiment. GDP growth is expected to slow to 2.3% next year, below the 2.7% seen before.

Meanwhile, data showed German wholesale price inflation advanced to 23.8% in April from 22.6% in March. This was the biggest rate since records began in 1962.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.25 or 1.1% at $109.24 a barrel.

Gold futures are lower by $9.10 or 0.5% at $1,799.10 an ounce, while Silver futures are gaining $0.119 or 0.6% at $21.120 an ounce.

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