Bay Street Likely To Open On Negative Note

RTTNews | hace 836
Bay Street Likely To Open On Negative Note

(RTTNews) - Lower U.S. and Canadian futures and falling crude oil prices point to a negative start for Canadian shares on Monday.

Higher bullion prices might push up materials shares and limit market's downside.

Rising concerns over the fallout from the Silicon Valley Bank (SVB) collapse are weighing on sentiment, despite a statement from the Treasury, Federal Reserve and the FDIC that they would "fully protect" depositors with funds in the Silicon Valley Bank.

In addition, Signature Bank, a New York bank, was also closed by regulators over the weekend.

In Canadian company news, Ivanhoe Mines Ltd. (IVN.TO) reported a net profit of $37 million for the fourth-quarter of 2022, compared with a net profit of $24 million a quarter earlier.

Agnico Eagle Mines Limited (AEM), a Canadian gold miner, said on Monday that it has appointed Jamie Porter as Executive Vice President, Finance, and Chief Financial Officer, with effect from May 1. Porter will succeed David Smith, who will retire on April 28.

The Canadian market ended sharply lower on Friday as worries about the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital triggered widespread selling.

For the second successive day, all the sectoral indices ended in the red. The benchmark S&P/TSX Composite Index ended with a loss of 311.80 points or 1.55% at 19,774.92, the lowest close since early January 2022.

Asian stocks ended mixed on Monday as regulators from across the world moved to assuage investor concerns of a global ripple effect coming from the United States.

China's Shanghai Composite Index jumped 1.2% as Beijing surprised markets by retaining the head of the central bank and finance minister in their posts, prioritizing continuity during a period of uncertainty in the world's second-largest economy.

European stocks are down sharply due to heavy selling in the banking sector on concerns over the fallout from the Silicon Valley Bank (SVB) collapse.

In commodities trading, West Texas Intermediate Crude oil futures are down $3.70 or 4.9% at $72.98 a barrel.

Gold futures are up $37.00 or about 2% at $1,904.20 an ounce, while Silver futures are gaining $1.159 or 5.65% at $21.665 an ounce.

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Taiwan Shares May See Additional Support

Taiwan Shares May See Additional Support

The Taiwan stock market has moved higher in three straight sessions, advancing almost 760 points or 3.5 percent along the way. The Taiwan Stock Exchange now sits just above the 22,490-point plateau and it's expected to open to the upside again on Friday.
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Win Streak May Continue For Singapore Stock Market

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The Singapore stock market has climbed higher in three straight sessions, rising almost 60 points or 1.5 percent along the way. The Straits Times Index now sits just beneath the 3,940-point plateau and it may extend its gains again on Friday.
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