Bay Street Likely To Open Slightly Higher, But Weak Metal Prices Could Weigh

(RTTNews) - Canadian stocks may open with a slightly positive bias on Monday with investors looking ahead to the crucial U.S. inflation data due this week. The focus is also Trump administration's trade negotiations with China, and on the upcoming talks between the U.S. and Russia, aimed at bringing an end to the war in Ukraine.

Weak metal prices could hurt materials stocks and limit market's gains.

Data on Canadian building permits for the month of June is due at 8:30 AM ET.

In earnings news, Franco-Nevada (FNV.TO) reported earnings per share of $1.24 for the second-quarter of this fiscal, compared to $0.75 a year ago.

Barrick Mining Corporation (ABX.TO) today announced the declaration of an enhanced dividend of $0.15 per share for the second quarter of 2025.

MAG Silver Corp (MAG.TO) reported record net income of $33,444 ($0.32 per share) for the second quarter of this financial year, compared to net income of $21614 ($0.21 per share) in the year-ago quarter.

The Canadian market closed roughly flat on Friday amid mixed economic data indicating a decrease in payroll employment and an unchanged jobless rate against the backdrop of the ongoing tariff war with the US.

The benchmark S&P/TSX Composite Index ended with a loss of 2.59 points or 0.01% at 27,758.68, a little over 100 points down from the day's high of 27,859.93.

US tariffs on its major trading partners took effect at midnight on Thursday and traders are focusing on the impact the tariffs are going to create in the global economic landscape.

Asian stocks edged higher in thin trade on Monday, with Japanese markets closed for a holiday.

As the August 12 deadline for a deal between the U.S. and China loomed, U.S. President Donald Trump said he hoped China would quadruple its soybean orders from the United States to reduce its trade surplus with the U.S.

In another significant development, chip giants Nvidia and AMD have reportedly agreed to give the U.S. government 15 percent of the revenues from chip sales in China, as part of a deal with the trump administration to secure export licenses.

The major European stocks are a bit subdued in cautious trade with investors awaiting some crucial economic data, and U.S. - Russia talks due this week.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.07 or 0.11% at $63.95 a barrel.

Gold futures are down $72.90 or 2.1% at $3,418.40 an ounce, while Silver futures are down $0.522 or 1.35% at $38.020 an ounce.