Bay Street Likely To Open On Mixed Note

RTTNews | hace 243

(RTTNews) - Canadian shares may open on a mixed note on Monday. Energy stocks are likely to move higher on firm crude oil prices, while the broad market is likely to remain a bit sluggish. Data and U.S. and Canadian manufacturing activity may provide some direction.

Data on Canadian manufacturing activity in the month of November is due at 9.00 AM ET.

The S&P Global Canada Manufacturing PMI rose to 51.1 in October, expanding for a second straight month after 17 consecutive monthly contractions. In September, the reading came in at 50.4.

Calibre Mining (CXB.TO) confirmed that it is not currently in discussions with Condor, nor does it have an active offer for their La India gold asset. Condor Gold initiated the sale process for their La India gold asset two years ago. Unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition.

The Canadian market posted a record closing high for the third consecutive day as technology stocks climbed higher on strong buying interest on Friday.

Expectations of further monetary easing by the central bank helped underpin sentiment. Data showing a slowdown in Canadian GDP growth limited market's upside.

The benchmark S&P/TSX Composite Index climbed to 25,694.45 before settling at 25,648.00, with a gain of 104.48 points or 0.41%. The index gained about 0.8% in the week.

Asian stocks closed broadly higher on Monday after the release of robust Chinese factory activity data. A private survey showed the manufacturing sector in China expanded at a faster pace in November, with the corresponding PMI rising to 51.5 from 50.3 in October.

However, concerns over a broader trade war capped regional gains after U.S. President-elect Donald Trump demanded a commitment from the BRICS nations on using the dollar, warning they shouldn't move to create a new currency or endorse any other currency to replace the dollar.

European stocks are mostly up after struggling for direction earlier in the session after a survey showed Eurozone manufacturing PMI hit a two-month low of 45.2 in November.

Sentiment is also dented by U.S. President-elect Donald Trump's threat of 100% tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar.

In commodities, West Texas Intermediate Crude oil futures are up $0.74 or 1.09% at $68.74 a barrel.

Gold futures are down $14.70 or 0.55% at $2,666.30 an ounce, while Silver futures are lower by $0.148 or 0.48% at $30.960 an ounce.

U.S. Dollar Falls As Weak Jobs Data Lifts Rate Cut Hopes

The U.S. dollar weakened against its major counterparts in the New York session on Friday, as weaker-than-expected jobs data for July strengthened expectations of a Fed rate cut in September.

RTTNews | hace 15h 36min

European Stocks Close Sharply Lower As Trump's Tariff Move Hurts Sentiment

European stocks tumbled on Friday, recording one of their worst sessions in several months, as sweeping fresh tariffs announced by U.S. President Donald Trump raised fears of a global economic slowdown, prompting investors to press selling across the board.

RTTNews | hace 18h 56min

Canadian Market Remains Firmly Down In Negative Territory On Tariff Worries

The Canadian market got off to a weak start Friday morning and slipped deeper into the red subsequently, as U.S. President Donald Trump's sweeping tariff announcement rendered the mood bearish.

RTTNews | hace 20h 27min

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.

RTTNews | hace 21h 40min

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.

RTTNews | hace 21h 44min

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.

RTTNews | hace 21h 46min

Eurozone Inflation Steady At 2% ECB Target

Euro area consumer price inflation was unchanged at the European Central Bank's 2 percent target in July, easing the pressure for more easing. The harmonized index of consumer prices increased 2.0 percent year-on-year in July, the same rate of increase as seen in June. Inflation was forecast to ease marginally to 1.9 percent.

RTTNews | hace 22h 33min

U.S. Job Growth Misses Estimates In July, Previous Months' Numbers Revised Sharply Lower

Job growth in the U.S. fell well short of economist estimates in the month of July, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment rose by 73,000 jobs in July, while economists had expected employment to jump by 110,000 jobs.

RTTNews | hace 22h 41min

EURUSD	1.15956	GBPUSD	1.32834	AUDUSD	0.64735
USDJPY	147.381	USDCAD	1.37779	USDCHF	0.8035

Advertisement

Bay Street Likely To Open On Mixed Note