Bay Street Likely To Open Slightly Higher
(RTTNews) - Higher crude oil and bullion prices point to a slightly positive start for Canadian stocks on Monday.
However, weakness in European markets and caution ahead of monetary policy meetings of the Federal Reserve, Bank of Japan and Bank of England might limit market's upside.
On the economic front, data on Canadian producer and raw materials prices for August are due at 8:30 AM ET. Housing starts data for August is due at 8:15 AM ET.
Canadian stocks showed a lack of direction over the course of the trading day on Friday. The benchmark S&P/TSX Composite Index bounced back and forth across the unchanged line before closing up 54.50 points or 0.3% at 20,622.34, its best closing level in over a month. The index gained 2.7% in the week.
The volatility on the day came as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy meeting next week.
Asian stocks turned in a mixed performance on Monday with investors mostly making cautious moves ahead of monetary policy decisions by the Federal Reserve, Bank of England and Bank of Japan. The Japanese market was closed today for a holiday.
European stocks are down in negative territory as investors remain reluctant to make significant moves ahead of central bank meetings.
In commodities, West Texas Intermediate Crude oil futures are up $0.75 or 0.84% at $91.52 a barrel.
Gold futures are up $2.00 or 0.1% at $1,948.20 a barrel, while Silver futures are gaining $0.104 or 0.43% at $23.490 an ounce.
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