Bay Street Likely To Open With Positive Bias

(RTTNews) - Canadian shares may open with a positive bias Monday morning, tracking higher crude oil and bullion prices. However, concerns about the impact of U.S. tariffs may weigh on sentiment and limit market's upside.

Canada's CFIB Business Barometer long-term index, which measures 12-month forward expectations for business performance, tumbled 24.8 points to a record low of 25.0 in March, the levels seen during the 2020 pandemic, and the 9/11 attacks. The reading marked the largest monthly drop since the index's inception in 2000.

MAG Silver Corp (MAG.TO) reported that its net income for fiscal 2024 rose to US$77.8 million, or US$0.75 per share, from US$47.8 million, or US$0.47 per share, last year.

The Canadian market ended weak on Friday, extending losses from the previous session, amid ongoing concerns about the economic outlook along with rising geopolitical tensions and uncertainty about the impact of President Donald Trump's tariffs.

Negative sentiment may also have been generated in reaction to a report from Statistics Canada showing Canadian retail sales fell by 0.6% in January, led by decreases at motor vehicle and parts dealers.

The benchmark S&P/TSX Composite Index regained ground after an early slump but still closed down 91.75 points or 0.4% at 24,968.49.

Asian stocks ended mixed on Monday as investors awaited clarity on the next round of tariffs from U.S. President Donald Trump set for April 2.

Oil and gold prices edged up slightly in Asian trade as the dollar resumed fall after a modest recovery in recent days.

China's Shanghai Composite index edged up by 0.15 percent to 3,370.03 after U.S. President Donald Trump said his top trade chief, Jamieson Greer, will hold talks with his Chinese counterpart this week on tariffs.

Chinese Premier Li Qiang said the country is prepared for "shocks that exceed expectations" from the looming tariff announcement.

European stocks pared early gains and are turning in a mixed performance Monday afternoon with investors digesting regional manufacturing and service sector activity data, and awaiting clarity on

In commodities, West Texas Intermediate Crude oil futures are up $0.40 or 0.59% at $68.68 a barrel.

Gold futures are gaining $9.20 or 0.3% at $3,030.60 an ounce, while Silver futures are up $0.159 or 0.47% at $33.645 an ounce.