Bay Street Likely To See Mixed Start

(RTTNews) - Canadian shares are likely to open on a mixed note on Monday with investors reacting to news about the crisis in the financial sector, and looking ahead to the Federal Reserve's policy meeting.

The U.S. Federal Reserve and other major central banks announced coordinated measures to improve banks' access to dollar liquidity.

Also, New York Community Bank NYCB agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal.

In Switzerland, UBS agreed on Sunday to buy Credit Suisse for 3 billion Swiss francs.

The Canadian market ended notably lower on Friday as concerns about turmoil in the financial sector weighed on sentiment.

The benchmark S&P/TSX Composite Index ended down 151.29 points or 0.77% at 19,387.72, about 90 points off the session's low of 19,297.99. The index shed nearly 2% in the week.

Asian stocks tumbled on Monday amid signs of a deepening crisis in the financial system, lingering fears of a global recession and anxiety ahead of a Federal Reserve meeting this week.

The mood was bearish despite reassuring statement from regulators in Asia that their banking systems remained robust and stable after a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group.

European stocks have recovered after a weak start and are modestly higher about an hour past noon.

Shares of Credit Suisse are down nearly 60%. UBS agreed on Sunday to buy Credit Suisse for 3 billion Swiss francs. Shares of UBS are down by about 5%.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.90 or 1.34% at $65.84 a barrel.

Gold futures are gaining $14.00 or 0.72% at $1,987.50 an ounce, while Silver futures are up $0.098 or 0.44% at $22.560 an ounce.