Bay Street Looks Set To Open On Firm Note

(RTTNews) - Higher Canadian and U.S. futures, and firm crude oil prices point to a positive start for the Canadian market on Monday.

News about an agreement for the takeover of the assets of failed Silicon Valley Bank (SVB) has helped ease fears of a global banking crisis.

First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the SVB, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement.

Remarks by U.S. Fed officials that there is no indication that financial stress is worsening also contribute to the positive sentiment in the markets.

The Canadian market ended modestly higher on Friday, recovering well after an early setback. The benchmark S&P/TSX Composite Index climbed well off its worst levels of the day, eventually closing up 41.57 points or 0.2% at 19,501.49.

Asian shares ended mixed on Monday as banking worries swirled and Chinese industrial profit data disappointed. A cautious undertone prevailed after Deutsche Bank shares fell heavily on Friday on the lender's surging cost of default cover.

German Chancellor Olaf Scholz offered reassurances about the bank, helping offer some respite to investors worried about the spillover effect of monetary policy shifts.

European shares are up firmly in positive territory Monday afternoon follwing an agreement for the takeover of the assets of failed Silicon Valley Bank (SVB) easing fears of a global banking crisis.

Meanwhile, the German Ifo business climate index improved to 93.3 in March versus 90.9 expected despite the turbulence at some international banks, a survey showed.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.88 or 1.27% at $70.14 a barrel.

Gold futures are down $27.80 or 1.4% at $1,956.00 an ounce, while Silver futures are down $0.144 or 0.62% at $23.195 an ounce.