Canadian Market May Open Slightly Weak
(RTTNews) - Lower Canadian and U.S. futures and weak European markets point to a slightly negative start on Bay Street Monday morning. Firm commodity prices might help limit market's downside.
The focus will be on the meeting between U.S. President Donald Trump and several European leaders, including Ukrainian President Volodymyr Zelenskiy later in the day.
The Trump-Putin Summit that took place in Alaska on Friday failed to result in a peace agreement.
Investors are also looking ahead to Canadian inflation data later this week, and the Jackson Hole Sympsium in Wyoming on Friday.
Data on Canadian housing starts for the month of July is due at 8.15 AM ET.
Canadian stocks ended roughly flat on Friday with investors focusing on Trump-Putin Summit and digesting mixed domestic economic data.
The benchmark S&P/TSX Composite Index traded lower for the major part of the session and closed at 27,905.49, down by 10.50 points or 0.04%.
Asian stocks rose broadly on Monday as investors reacted to ongoing Ukraine peace talks and looked ahead to upcoming Federal Reserve Jerome Powell's Jackson Hole speech for clues on whether the U.S. central bank will cut interest rates next month.
The major European markets are down in negative territory in cautious trades with investors awaiting the meeting between Trump and several European leaders to find a solution to end the war in Ukraine.
In commodities, West Texas Intermediate Crude oil futures are up $0.45 or 0.7% at $63.25 a barrel.
Gold futures are up $11.80 or 0.35% at $3,394.40 an ounce, while Silver futures are gaining $0.230 or 0.58% at $38.205 an ounce.
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