Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Monday morning, tracking global cues, and amid caution ahead of the central bank's interest rate decision, and a slew of key economic data.

The Bank of Canada is scheduled to announce it monetary policy on Wednesday. The central bank is widely expected to hold its key interest rate at 5%.

Canadian services sector activity report, IVEY PMI reading, trade report and employment data are due this week.

Canadian stocks turned in a fine performance on Friday with investors indulging in some hectic buying at several counters from across various sectors. The mood was bullish amid 0ptimism about interest rate cuts by Federal Reserve and some other central banks, including the European Central Bank.

Firm crude oil and bullion prices triggered strong buying in energy and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 188.74 points or 0.88% at 21,552.35, a near 2-year closing high. The index gained about 0.65% in the week.

Asian stocks turned in a mixed performance on Monday as investors awaited cues from Federal Reserve Chair Jerome Powell's congressional testimony and the annual meeting of China's top political advisory body. Japan's Nikkei 225 scaled a new peak past the 40,000 mark.

European stocks are turning in a mixed performance with investors awaiting cues from the U.K. spring budget, Powell's congressional testimony, and the European Central Bank's policy announcement.

In commodities, West Texas Intermediate Crude oil futures are down $0.56 or 0.7% at $79.41 a barrel.

Gold futures are down $5.00 or 0.25% at $2,090.70 an ounce, while Silver futures are lower by $0.019 or 0.1% at $23.345 an ounce.