Bay Street Likely To Open On Mixed Note

RTTNews | 668天前
Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Monday morning, tracking commodity prices, and Asian and European stocks. With data on Canadian consumer and producer price inflation for the month of November due on Tuesday, the mood is likely to remain a bit cautious.

Bank of Canada Governor Tiff Macklem said last week that the bank is unlikely to cut interest rate anytime before the second half of 2024.

Rogers Communications Inc (RCI.A.TO) is likely to be in focus following CIBC raising the target price sharply to C$ 79 from C$ 69.

CIBC has raised the target price for Quebecor Inc (QBR.A.TO) to C$ 43 from C$ 38.

On the economic front, data on new housing prices in Canada for the month of November is due at 8:30 AM ET.

The Canadian market ended sharply lower on Friday as stocks fell on sustained selling pressure, after

Meanwhile, hopes for near-term interest rate cuts in the U.S. faded a bit after New York Federal Reserve President John Williams said the Fed is not "really talking about rate cuts right now" and is focused on whether monetary policy is sufficiently restrictive to ensure inflation comes back down to 2%.

The benchmark S&P/TSX Composite Index ended lower by 249.65 points or 1.2% at 20,529.15, about 30 points off the session's low. For the week, the index gained nearly 1%.

Asian shares ended mostly lower on Monday after New York Fed chief Williams said that a March cut seems 'premature', tempering market speculation about imminent rate cuts.

Investors also sought direction from this week's Bank of Japan's interest-rate decision and a key U.S. inflation reading. Chinese and Hong Kong markets fell, as shares of property developers dropped after China South City Holdings warned it can't pay interest due Wednesday.

European stocks are turning in a mixed performance Monday morning with investors largely making cautious moves, looking for directional cues.

In commodities, West Texas Intermediate Crude oil futures are down $0.48 or 0.65% at $70.95 a barrel.

Gold futures are up $1.70 or about 0.1% at $2,037.40 an ounce, while Silver futures are gaining $0.151 or 0.61% at $24.305 an ounce.

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