Bay Street Likely To Open On Mixed Note

RTTNews | 8h 30min ago

(RTTNews) - Canadian shares are likely to open on a mixed note Monday morning, tracking commodity prices and European markets. The mood is likely to remain cautious with investors looking ahead to the Federal Reserve's monetary policy announcement on Wednesday.

The Bank of Japan and the Bank of England are also scheduled to announce their rate decisions this week.

U.S. Treasury Secretary Scott Bessent's remarks that there are "no gurantees" that the U.S. will avoid recession, may hurt sentiment a bit. Bessent said on Sunday that he isn't concerned about the recent market slump that has erased trillions of dollars from equities, and that markets will do great if good tax policy, tax regulation and energy security are put in place.

U.S. President Donald Trump's assertion that there will be no exceptions to U.S. steel and aluminum tariffs could also weigh on the market.

Data from Canada Mortgage and Housing Corporation said housing starts in Canada decreased to 229,000 units in February from 239,000 units in January.

The Canadian market ended on a strong note on Friday thanks to sustained buying in stocks from across several sectors.

A batch of encouraging economic data, and optimism on the political front following the swearing-in of former BoC Governor Mark Carneyas the new Canadian Prime Minister, triggered some strong buying in the market.

The benchmark S&P/TSX Composite Index ended the session with a gain of 350.17 points or 1.45% at 24,553.40. For the week, the index shed about 0.8%.

Asian stocks closed higher on Monday after China announced plans featuring measures to boost wages and stabilize stock and real estate markets.

European stocks are marginally up in cautious trade as investors await crucial central bank meetings, and a vote on a spending plan in Germany. Ukraine peace talks are in focus as well.

In commodities, West Texas Intermediate Crude oil futures are up $0.91 or 1.35% at $68.09 a barrel.

Gold futures are up $6.00 or 0.2% at $3,007.10 an ounce, while Silver futures are down $0.133 or 0.37% at $34.300 an ounce.

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