Bay Street May Open With Big Negative Gap
(RTTNews) - The Canadian market is likely to open with a big negative gap Monday morning, tracking a sell-off in global markets amid rising fears the U.S. economy is heading for a recession. Escalating tensions in the Middle East, and falling commodity prices are also likely to render the mood quite bearish.
On the Canadian economic front, data on Canada's average weekly earnings for the month of July is due at 8:30 AM ET.
Canadian trade data, service sector activity report, IVEY PMI reading, and employment data, are due later this week.
Canadian stocks tumbled on Friday as weak U.S. jobs data added to fears the world's largest economy could slip into a recession. Some disappointing earnings updates from top U.S. and Canadian companies weighed as well.
The benchmark S&P/TSX Composite Index, which plunged to a low of 22,020.18 around late morning, losing about 700 points in the process, ended down 495.58 points or 2.18% at 22,227.63. The index lost 2.6% in the week.
Asian stocks plunged on Monday amid fears of a possible U.S. recession and concerns over an escalating Middle East conflict.
European stocks are extending recent losses and plummeting to multi-month lows amid fears the U.S. economy may be heading for a recession. Weak eurozone economic data, and geopolitical tensions are weighing as well.
In commodities, West Texas Intermediate Crude oil futures are down $1.61 or 2.19% at $71.91 a barrel.
Gold futures are down $44.40 points or 1.8% at $2,425.40 an ounce, while Silver futures are down $1.507 or 5.31% at 26.885 an ounce.
TSX Ends Modestly Lower, Drops Nearly 1.5% In Week
Dollar Rises Against Major Counterparts
Gold Futures Settle Modestly Higher For The Session, Gain 1% In Week
Swiss Market Ends Slightly Higher
Major European Markets Close Slightly Lower
Canadian Dollar Weakens In Cautious Trade
Canadian Market Modestly Lower In Lackluster Trade
