Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Monday morning with traders largely staying away on the sidelines ahead of the New Year and looking for directional clues.

While crude oil prices are modestly higher, metal prices are a bit sluggish. European stocks are turning in a mixed performance.

Data from the Canadian Federation of Independent Business showed that the CFIB's Business Barometer in Canada, which reflects 12-month forward expectations for business performances in the country, fell to 56.4 in December from the upwardly revised 59.8 in the previous month, which was the highest since mid-2022.

The Canadian market closed on a weak note on Friday, weighed down by losses in technology stocks, following a sell-off in the tech sector on Wall Street as yields on 10-Year U.S. Treasury Note rose to a near 8-month high.

The benchmark S&P/TSX Composite Index closed down 50.42 points or 0.2% at 24,796.40, after scaling a low of 24,701.20 and a high of 24,876.75 intraday.

Asian stocks ended mixed on Monday as a cautious undertone prevailed, heading into year-end. Higher U.S. Treasury yields underpinned the dollar in Asian trade while oil and gold were little changed.

Seoul stocks ended lower after investigators sought an arrest warrant for suspended President Yoon Suk Yeol over his brief martial law declaration. Traders also digested weak data that showed factory output fell more sharply than expected in November.

European stocks were moving lower in cautious trade on Monday after all three major U.S. averages sold off Friday, thwarting the seasonal Santa Claus rally on concerns about rising bond yields.

Traders also braced for the New Year holiday, with several regional markets set to close early on Tuesday.

Over the weekend, European Central Bank Governing Council member Robert Holzmann told Austrian newspaper Kurier that the ECB may delay its next interest rate cut due to a recent increase in inflation.

European stocks are turning in a mixed performance in somewhat lackluster trade today, the last full trading day of 2024. Most of the markets will close early on Tuesday for New Year eve, and remain shut on Wednesday.

In commodities, West Texas Intermediate crude oil futures are up $0.35 or 0.5% at $70.95 a barrel.

Gold futures are up marginally at $2,632.70 an ounce, while Silver futures are gaining $0.052 or 0.17% at $30.020 an ounce.