Canadian Market Seen Opening Higher

Higher Canadian futures, firm commodity prices and gain in European markets point to a positive start for the Canadian market on Monday.

However, trading activity is likely to remain somewhat subdued as the U.S. market is closed today for Independence Day holiday.

Markit Economics is scheduled to release the data on Canadian manufacturing activity for the month of June at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI rose to 56.8 in May of 2022 from 56.2 in the previous period, marking the 23rd consecutive month of expansion.

Toronto-Dominion Bank (TD.TO) is likely to be in focus amid reports the bank is exploring a takeover deal for U.S. brokerage Cowen.

Canadian stocks moved sharply lower during trading on Thursday, extending the downward move seen over the two previous sessions.

The S&P/TSX Composite Index climbed off its worst levels after an early slump but still closed down 217.28 points or 1.1% to 18,861.36. The market remained closed on Friday for Canada Day.

Asian stocks turned in a mixed performance on Monday as inflation worries persisted and fresh rounds of mass COVID-19 testing in parts of eastern China added to concerns about slowing global growth.

European markets are up in positive territory today, though overall trading activity remains muted due to a U.S. market holiday. Among the major markets, the U.K. and France are up sharply with their benchmark indexes FTSE 100 and CAC 40 gaining 1.15% and 1%, respectively.

Germany's DAX is gaining 0.4% and the pan European Stoxx 600 is up nearly 1%.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.48 or 0.44% at $108.94 a barrel.

Gold futures are gaining $6.00 or 0.33% at $1,807.50 an ounce, while Silver futures are up $0.130 or 0.52% at $19.770 an ounce.

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