Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares are likely to open flat or slightly lower Monday morning, tracking weak crude oil prices. With U.S. inflation data due on Tuesday, the mood is likely to remain cautious and activity is expected to be mostly stock specific.

U.S. inflation data is expected to provide more clues on the Fed's rate trajectory. Investors also look ahead to speeches from several Fed officials this week.

In company news, Perpetua Resources Corp. (PPTA.TO) announced that its subsidiary, Perpetua Resources Idaho, was conditionally awarded up to $34.6 million in additional funding under the existing Technology Investment Agreement through Title III of the Defense Production Act.

The Canadian market ended on a firm note on Friday, led by gains in technology and financials shares. Strong jobs data and the rally in U.S. technology sector helped underpin sentiment.

Data from Statistics Canada showed that employment in Canada rose by 37,300 in January, following an upwardly revised addition of 12,300 jobs in December. The unemployment rate in Canada eased to 5.7% in January from the 22-month high of 5.8% recorded in December.

The benchmark S&P/TSX Composite Index ended up 89.96 points or 0.43% at 21,009.60, recovering from an early low of 20,891.13. The index gained 0.2% in the week.

Asian shares ended mostly lower in thin holiday trading on Monday despite the S&P 500's record-setting close on Friday.

Markets in mainland China, Hong Kong, South Korea and Singapore were closed for the Lunar New Year, while the Japanese market was closed for National Day.

European markets are higher Monday afternoon with investors picking up stocks ahead of a busy week packed with earnings, economic data releases and speeches by Fed officials.

In commodities, West Texas Intermediate Crude oil futures are down $0.74 or 0.97% at $76.10 a barrel.

Gold futures are down $2.10 or 0.1% at $2,036.70 an ounce, while Silver futures are up $0.486 or 2.15% at $23.085 an ounce.