Bay Street Likely To See Mixed Start

(RTTNews) - Canadian stocks are likely to open on a mixed note on Monday, tracking the trend in European markets and commodity prices. Canadian inflation data, due this morning, could significantly impact the mood. Investors will also be looking ahead to some crucial economic data this week.

Data on Canadian consumer price inflation in the month of October is due at 8:30 AM ET.

The annual inflation rate in Canada rose to 2.4% in September, from 1.9% in the previous month. Inflation was expected to rise to 2.3% in September.

The U.S. Commerce Department's Bureau of Economic Analysis said on Friday it was working to update its schedule of economic data releases affected by the recently ended government shutdown.

The September nonfarm payrolls report is due on Thursday, but more up-to-date labor and price figures are not due until next month.

The Canadian market ended on a positive note on Friday, rebounding strongly after a severe setback early on in the session.

The benchmark S&P/TSX Composite Index, which dropped by 1.5% in early trading, ended the day's session with a gain of 72.82 points or 0.2% at 30,326.46.

The turnaround on Bay Street came as technology stocks showed a significant rebound, with the S&P/TSX Capped Information Technology Index climbing by 1.3% after tumbling as much as 2.6%.

Asian stocks ended mixed on Monday as investors braced for a barrage of U.S. economic data and a spat over Taiwan threatened ties between China and Japan.

The major European markets are down in negative territory today with investors largely staying cautious, looking ahead to some crucial economic data from the U.S. this week. Worries about AI bubble and uncertainty about Fed interest rate moves also contribute to the cautious mood in the markets.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.07 or 0.12% at $60.02 a barrel.

Gold futures are down $13.90 or 0.34% at $4,080.30 an ounce, while Silver futures are up $0.139 or 0.27% at $50.825 an ounce.