Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Monday, tracking higher bullion prices, and optimism about Chinese economy.

Uncertainty about U.S. interest rates and concerns about a potential recession later this year might limit market's upside.

In Canadian company news, Algonquin Power & Utilities Corp. (AQN.TO) reaffirmed its previously-disclosed fiscal 2023 estimate of adjusted net earnings per share for the 2023 fiscal year within a range of $0.55 to $0.61.

Meanwhile, American Electric Power announced that it has mutually agreed to terminate its previously announced deal to sell Kentucky operations, i.e., Kentucky Power Co. and AEP Kentucky Transmission Co., Inc., to Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp.

HLS Therapeutics Inc. (HLS.TO) announced the appointment of Craig Millian as Chief Executive Officer, effective May 1, 2023, concurrent with the retirement of Gilbert Godin.

The Canadian market ended mixed on Friday with investors largely staying cautious amid a bit of uncertainty about the Federal Reserve's interest rate moves.

Strong earnings updates from some top U.S. banks such as JP Morgan Chase and Wells Fargo aided sentiment.

The benchmark S&P/TSX Composite Index ended up 15.42 points or 0.07% at 20,579.91, the highest close since March 3. The index, which has now gained for the fourth straight week, added 1.9% in the week.

Asian markets gained on Monday amidst optimism on the Chinese economic scenario ahead of the release of key readings including GDP, industrial production, retail sales, unemployment rate etc. Dovish comments from Bank of Japan's Governor and People's Bank of China also supported sentiment.

The Chinese economy is expected to have grown 4% in the first quarter versus 2.9% earlier. Industrial production in March is seen rising to 4% from 2.4% in the previous period.

European stocks are turning in a mixed performance with investors looking ahead to more earnings updates from U.S. companies for more clarity on the state of the world's largest economy.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.44 or 0.55% at $82.08 a barrel.

Gold futures are gaining $6.00 or 0.3% at $2,021.80 an ounce, while Silver futures are up $0.080 or 0.31% at $25.540 an ounce.