Bay Street Likely To Open On Subdued Note
(RTTNews) - Canadian stocks may open somewhat subdued Monday morning as investors are likely to make cautious moves ahead of monetary policy decisions by the Bank of Canada and the Federal Reserve this week.
The Fed is likely to cut interest rates by 25 basis points on Wednesday but the path for 2026 looks more uncertain. Meanwhile, the Bank of Canada may hold rates unchanged following mixed jobs data.
The Canadian market closed weak on Friday as investors assessed the nation's employment data that diluted expectations of a Bank of Canada rate cut. In addition, profit taking by traders from the previous session's sharp gains contributed to the drop.
The benchmark S&P/TSX Composite Index gained ground in the early hours of trading but turned weak as the day progressed and eventually settled with a loss of 166.16 points or 0.53% at 31,311.41.
Asian stocks turned in a mixed performance on Monday as investors parsed Chinese trade data, navigated deteriorating China-Japan relations and looked ahead to the Federal Reserve's interest-rate decision due on Wednesday.
European stocks are a bit higher today even as the mood remains cautious with investors looking ahead to monetary policy announcements from a few major central banks, including the Federal Reserve, Bank of Japan and the Reserve Bank of Australia.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.51 or 0.85% at $59.57 a barrel.
Gold futures are down $5.10 or 0.12% at $4,237.90 an ounce, while Silver futures are lower by $0.188 or 0.31% at $58.865 an ounce.
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