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Bay Street Likely To Open Higher
(RTTNews) - Modestly higher Canadian and U.S. futures and steady commodity prices point to a positive start for Canadian stocks Monday morning.
Gold prices are higher amid reports that Western nations might officially ban exports of the metal from Russia, condemning its invasion of Ukraine.
The Canadian stock market ended on a buoyant note on Friday, rebounding strongly after suffering its worst setback in three months a day earlier. The benchmark S&P/TSX Composite Index ended with a gain of 345.79 points or 1.85% at 19,062.91.
Asian stocks posted strong gains on Monday as fears of prolonged inflation eased and data showed profits at China's industrial firms shrank at a slower pace in May.
Treasury yields remained subdued and the dollar eased back slightly from a 20-year high reached earlier this month despite U.S. Federal Reserve officials keeping up their hawkish rhetoric.
European stocks are holding in positive territory despite paring some early gains. Markets hit a two-week high earlier in the session as investors reassessed the expected path of Federal Reserve interest-rate hikes in the light of falling inflation expectations.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.23 or 0.2% at $107.85 a barrel.
Gold futures are gaining $6.60 or 0.36% at $1,836.90 an ounce, while Silver futures are up $0.320 or 1.51% at $21.445 an ounce.
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