Bay Street Likely To Open Higher

(RTTNews) - Canadian shares are likely to open on a positive note Monday morning, tracking higher commodity prices and firm European markets.

Data on manufacturing and services sector activity in Canada in the month of December is due at 9:30 AM ET.

The S&P Global Canada Composite PMI rose to 51.5 in November, up from 50.7 in October. The Services PMI rose to 51.2 in November, the highest since April 2023, and up from 50.4 in October.

The Canadian market closed on a firm note on Friday, lifted by gains in real estate, communications and technology sectors.

The benchmark S&P/TSX Composite Index ended the session with a gain of 175.51 points or 0.7% at 25,073.54. The index gained 1.12% in the holiday-shortened week.

Asian stocks ended flat to lower on Monday, though Seoul stocks rallied after a court dismissed an appeal by Yoon Suk Yeol's lawyers against an arrest warrant for the impeached president. Japanese markets led declines due to profit taking following the Nikkei stock index's record year-end close.

Chinese and Hong Kong markets ended on a sluggish note as U.S-China trade tensions loomed and investors looked for greater clarity on the implementation of stimulus policies.

European stocks are up firmly in positive territory on fairly encouraging PMI reports, and on easing concerns about tariff hikes amid reports U.S. President-elect Donald Trump's tariff plan will not be any significantly sharp.

In commodities, West Texas Intermediate Crude oil futures are up $0.53 or 0.72% at $74.48 a barrel.

Gold futures are gaining $5.10 or 0.19% at $2,659.80 an ounce, while Silver futures are up $0.850 or 2.81% at $30.915 an ounce.