Bay Street Likely To Open Lower

(RTTNews) - Canadian shares are likely to open on a negative note on Monday, tracking lower crude oil prices and sluggish metal futures.

China setting a modest growth target of around 5% for this year, down from last year's target of 5.5%, is likely to weigh on sentiment.

Cargojet Inc. (CJT.TO) reported fourth-quarter net income of $2.6 million (net income of $14.1 million excluding warrant valuation loss) compared to net gain of $102.0 million in 2021 (net income of $33.4 million excluding warrant valuation gain).

On the economic front, the Ivey Purchasing Managers Index score for the month of February is due at 8:30 AM ET.

The Ivey Purchasing Managers Index in Canada increased to 60.1 in January of 2023 from a revised 49.3 in the prior month, hitting the highest score since May 2022.

The benchmark S&P/TSX Composite Index moved steadily higher over the course of the session, surging 244.37 points or 1.2 percent to 20,581.58.

The continued strength in the markets partly reflected optimism about the outlook for the global economy following upbeat data from China and Europe.

Asian stocks rose broadly on Monday despite China announcing its lowest growth target in decades.

A weaker dollar and lower Treasury yields helped underpin sentiment ahead of the release of U.S. jobs data, Fed Chair Jerome Powell's testimony and upcoming central dank decisions in Japan and Australia.

European stocks have pared early gains, and the UK market has even slipped into negative territory, with investors largely making cautious moves, looking for fresh direction.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.06 or 1.34% at $78.62 a barrel.

Gold futures are up marginally at $1,856.20 an ounce, while Silver futures are down slightly at $21.225 an ounce.