Higher Commodity Prices Might Push Canadian Stocks Up In Early Trades

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(RTTNews) - Bay Street is likely to open higher Monday morning, with resources stocks tracking the uptick in commodity prices. However, with a slew of important economic events, including the Federal Reserve and the Bank of England's policy announcements due this week, the mood is likely to remain cautious.

The Fed, which is scheduled to announce its monetary policy next Wednesday, is widely expected to hold rates unchanged, but the central bank's accompanying statement is eyed for clues about the likely timing of interest rate cuts.

On the Canadian economic front, GDP data and a report on manufacturing activity are due this week.

The Canadian market ended marginally up on Friday after a cautious session, with investors largely refraining from making significant moves as they continued to assess the likely move of the Federal Reserve next week.

The benchmark S&P/TSX Composite Index, which moved between 21,079.90 and 21,142.31, ended the session with a gain of 23.74 points or 0.11% at 21,125.28. The index gained about 1.05% in the week.

Asian stocks closed higher on Monday after Chinese regulators announced new measures to bolster the country's equity market and the property sector.

However, the upside remained limited with investors largely turning cautious ahead of key earnings and economic data as well as central bank decisions.

European stocks are turning in a mixed performance with investors awaiting policy announcements from the Federal Reserve and Bank of England, and key data such as Chinese factory activity report, U.S. non-farm payrolls and euro zone GDP report.

In commodities, West Texas Intermediate Crude oil futures are up $0.13 or 0.17% at $78.14 a barrel.

Gold futures are gaining $11.60 or 0.58% at $2,028.90 an ounce, while Silver futures are up $0.268 or 1.17% at $23.140 an ounce.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

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KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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