Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian shares are likely to open flat or slightly higher on Monday, tracking global markets and commodity prices.

With several top U.S. and Canadian companies scheduled to announce their earnings, and some key economic data due during the course of this week, the mood is likely to remain a bit cautious.

Pan American Silver Corp (PAAS.TO) shares will be in focus after the company said it plans to sell its 56% stake in the Minera Agua Rica Alumbrera copper project in Argentina for about $475 million.

The Canadian market ended on a firm note on Friday, lifted by strong gains in energy, technology and materials shares. The mood remained positive amid easing fears of a U.S. recession this year, and on hopes the Fed tightening cycle will end soon.

The benchmark S&P/TSX Composite Index ended with a gain of 133.90 points or 0.66% at 20,519.37. The index posted a marginal 0.1% decline for the week.

Asian stocks advanced on Monday as weak Chinese data spurred hopes of more policy stimulus and the Bank of Japan stepped into the bond market to influence rates.

Chinese shares eked out modest gains, after the State Council announced further measures to bolster consumption. China's manufacturing activity fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official data showed today.

European stocks are slightly higher after opening marginally down after data showed eurozone returned to growth in the second quarter amid falling inflation.

GDP in the euro area grew 0.3% in the second quarter of 2023 compared to the previous quarter, Eurostat reported.

Separate figures from the statistical office revealed that Eurozone inflation fell in line with expectations to 5.3% year-on-year in July, compared with 5.5% in June.

In commodities, West Texas Intermediate Crude oil futures are up $0.75 or 0.93% at $81.33 a barrel.

Gold futures are down $1.70 or 0.08% at $1,958.70 an ounce, while Silver futures are up marginally at $24.500 an ounce.