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Bay Street Likely To Open Higher
(RTTNews) - Canadian shares are likely to open on a positive note on Monday, tracking European markets and higher commodity prices.
Worries about global economic slowdown might weigh on sentiment and limit market's upside. Investors will be looking ahead to U.S. inflation data, due on Tuesday, for more clues about the Federal Reserve's possible moves on interest rates at the upcoming policy meeting. The Canadian market ended on a buoyant note on Friday, with stocks across the board turning in a fine performance thanks to sustained buying interest. The benchmark S&P/TSX Composite Index ended with a gain of 360.34 points or 1.86% at 19,773.34. The index gained about 2.61% in the week.
Asian stocks closed mostly higher on Monday, led by gains in technology and mining sectors amidst a positive global market sentiment ahead of the crucial inflation data from the U.S. on Tuesday.
European stocks are up firmly in positive territory a little past noon on Monday with investors looking ahead to U.S. inflation data, due on Tuesday.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.53 or about 0.6% at $87.32 a barrel.
Gold futures are gaining $9.50 or 0.55% at $1,738.10 an ounce, while Silver futures are up $0.458 or 2.44% at $19.225 an ounce.
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