Bay Street Likely To Open With Slightly Negative Bias

(RTTNews) - Canadian shares are likely to open with a negative bias Monday morning, tracking weak global cues, and amid caution ahead of the crucial data on U.S. consumer price inflation and producer prices, due this week.

In Canadian earnings news, SilverCrest Metals Inc. (SIL.TO) reported net income of $35.9 million for the fourth quarter of 2023, compared to net income of $5.23 million in the year-ago quarter.

Endeavour Silver Corp (EDR.TO) reported full-year (2023) net income of $6.1 milliion, compared to $6.2 million in 2022.

The Canadian market failed to hold early gains and ended modestly lower on Friday, weighed down a bit by the mixed batch of economic data from Canada and the U.S.

The benchmark S&P/TSX Composite Index, which climbed to a fresh 52-week high of 21,892.06 in early trades, eventually ended the day's session with a loss of 57.03 points or about 0.26% at 21,737.53. The index gained about 0.85% in the week.

Data from Statistics Canada showed employment in Canada rose by 40,700 in February, after seeing an addition of 37,300 jobs in January. The data showed the unemployment rate in Canada rose to 5.8% in February, up from 5.7% in January.

Asian stocks ended mixed on Monday after the latest U.S. jobs report sent mixed signals about the state of the world's largest economy.

While a stronger yen pressured Japanese stocks, encouraging inflation data helped spur buying in mainland Chinese and Hong Kong.

European stocks are down in negative territory amid much uncertainty about the outlook for interest rates.

In commodities, West Texas Intermediate Crude oil futures are down $0.49 or 0.6% at $77.52 a barrel.

Gold futures are down marginally at $2,184.90 an ounce, while Silver futures are flat at $24.549 an ounce.