Bay Street Likely To See Mixed Start
(RTTNews) - Canadian shares are likely to open on a mixed note on Monday, tracking weak European stocks, and the trend in commodity markets.
The mood is likely to remain cautious with investors looking ahead to the Bank of Canada's monetary policy meeting on Wednesday.
The BoC is widely expected to hike interest rate by 25 basis points.
AltaGas Ltd. (ALA.TO) announced Monday that it expects income per share of C$1.85 to C$2.05, on normalized EBITDA of C$1.5 billion to C$1.6 billion for the financial year 2023.
Data on Canadian building permits for the month of October is due at 8:30 AM ET. The total value of building permits in Canada fell 17.5% to $10.2 billion in September of 2022, much more than market expectations of a 6.1% decrease.
The Canadian mraket ended on a weak note on Friday, weighed dwon by losses in technology and financials sectors.
The benchmark S&P/TSX Composite Index ended down 39.79 points or 0.2% at 20,485.66. The index gained about 0.5% in the week.
Asian stocks ended mostly higher on Monday. Chinese and Hong Kong stocks surged as businesses reopened and testing requirements were relaxed in several cities, including Beijing and Shanghai.
European stocks are broadly lower, hurt by a survey showing business activity in the euro zone declined for a fifth month on November, adding to the likelihood that the euro zone is sliding into a mild recession.
In commodities trading, West Texas Intermediate Crude oil futures are up $2.04 or 2.55% at $82.02 a barrel.
Gold futures are down slightly at $1,809.30 an ounce, while Silver futures are up marginally at $23.270 an ounce.
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