Bay Street Likely To See Mixed Open

Canadian shares are likely to open on a mixed note Monday morning, tracking commodity prices and subdued European markets.

A reading on Canada new housing price index for the month of December is due at 8:30 AM ET. New home prices in Canada declined 0.2% month-over-month in November 2022, the same as in October.

In company news, Endeavour Mining plc (EDV.TO) reported that its gold production for the fourth quarter of 2022 was 355 thousand ounce, down about 6% from the previous year, but it increased about 4% from the prior quarter. The company expects gold production to be 1.325 million ounce - 1.425 million ounce in 2023, representing an increase over the fiscal year 2022 guidance of 1.315 million.

The Canadian market ended on a strong note on Friday, led by gains in healthcare, technology and materials shares. The mood in the market remained quite positive amid hopes the central banks will slow the pace of interest rate hikes. Optimism about Chinese economy helped as well.

The benchmark S&P/TSX Composite Index ended with a gain of 161.77 points or 0.8% at 20,503.21, a new one-month closing high.

Asian stocks ended mostly higher in thin trade Monday, with markets in mainland China, Hong Kong, Singapore and Seoul closed for Lunar New Year celebrations. Chinese markets won't resume trading until Jan. 30.

Japanese shares climbed higher as the yen retreated from last week's 7 1/2-month high and minutes of the Bank of Japan's December policy meeting showed that board members wanted to modify their yield control curve in order to improve market functionality.

European stocks are slightly higher in cautious trade as dovish Fed remarks offset concern of a global economic slowdown. With not much economic data to provide direction, movements are somewhat sluggish.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.79 or 0.95% at 82.43 a barrel.

Gold futures are up slightly at $1,928.90 an ounce, while Silver futures are down $0.070 or 0.29% at $23.855 an ounce.

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