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Bay Street May Open Slightly Higher
(RTTNews) - Canadian shares open higher on Monday amid some optimism about a few nations striking trade deals with the U.S. ahead of the August 1 deadline. Firm metal prices are likely to trigger some buying in the materials sector.
Data on Canadian producer prices and raw materials prices for the month of June are due this morning.
Investors will also be reacting to the Bank of Canada's business outlook survey report to be released at 10:30 AM ET.
Canadian stocks ended weak on Friday as investors resorted to some profit taking after recent record highs. The benchmark S&P/TSX Composite Index, which reached an intraday high of 27,422.06, settled at 27,314.01, down by 72.92 points or 0.27%.
Asian stocks closed broadly higher on Monday. The Japanese market remained closed for a holiday.
Investors watched the latest trade developments, with U.S. Commerce Secretary Howard Lutnick saying he was confident the U.S. and the EU could reach a trade deal before August 1.
"That's a hard deadline, so on August 1, the new tariff rates will come in… Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," Lutnick said in a television interview on Sunday.
European stocks are mostly subdued with investors making cautious moves while looking for news from the trade front.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.36 or 0.53% at $66.98 a barrel.
Gold futures are gaining $14.50 or 0.5% at $3,372.80 an ounce, while Silver futures are up $0.341 or 0.89% at $38.805 an ounce.
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