Bay Street Likely To Open Higher

(RTTNews) - Higher Canadian and U.S. futures and firm crude oil prices point to a positive start for Canadian stocks Monday morning.

The mood is likely to remain a bit cautious ahead of U.S. inflation data due this week and the Federal Reserve's policy meeting on September 17 and September 18.

In Canadian corporate news, Methanex Corporation (MX.TO) announced on Sunday that it has entered into a definitive agreement to acquire OCI Global's international methanol business for $2.05 billion.

The deal includes OCI's interest in two methanol facilities in Beaumont, Texas, one of which also produces ammonia; OCI HyFuels, a low-carbon methanol production and marketing business; and an idled methanol facility in the Netherlands.

Alimentation Couche-Tard Inc. (ATD.TO) announced it is open to engage in talks with Japanese retail giant Seven & i Holdings 3382 after the latter rejected former's $38.5 billion takeover.

The Canadian market ended notably lower on Friday, weighed down by sharp losses in materials, energy and technology sectors.

Industrials and consumer discretionary stocks were among the other major losers.

Disappointing jobs data from the U.S. and Canada, and weak crude oil prices weighed on the market.

The benchmark S&P/TSX Composite Index ended down by 206.85 points or 0.9% at 22,781.43, after scaling a low of 22,679.86 and a high of 23,119.34 intraday. The index shed 2.4% in the week.

Asian stocks ended lower on Monday due to lingering worries about U.S. and Chinese growth.

Responding to Friday's weak jobs data, U.S. Treasury Secretary Janet Yellen said that the U.S. economy remains strong and that recent months of cooler jobs data is a signal of a soft landing, not a recession.

European stocks are up in positive territory ahead of consumer price inflation figures from Germany, Spain and France due later in the week.

The governing council of the European Central Bank, which will meet on Thursday, is widely expected to reduce interest rates for the second time this year.

In commodities, West Texas Intermediate Crude oil futures are up $0.50 or 0.72% at $68.17 a barrel.

Gold futures are up $2.50 or 0.11% at $2,527.10 an ounce, while Silver futures are gaining $0.302 or 1.07% at $28.485 an ounce.