June 19, 2024

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Bay Street Likely To Open On Cautious Note

2 min read

Canadian shares are likely to open on a cautious note on Monday with investors awaiting a slew of key economic data from Canada and the U.S. Concerns about economic slowdown in China and weak crude oil prices are likely to weigh on the market.

Canada’s third-quarter GDP data is due out on Thursday. A report on Canadian manufacturing activity is also due this week.

A slew of crucial economic data from the U.S., including reports on GDP, personal income, manufacturing activity, and pending home sales are also due this week.

Suncor Energy (SU.TO) announced today that the Terra Nova Floating, Production, Storage and Offloading vessel has safely restarted following the completion of the Terra Nova Asset Life Extension project. Production is expected to ramp up over the coming months.

The Canadian market ended marginally down on Friday, with stocks staying largely subdued as investors were reluctant to make significant moves due to a lack of triggers.

The benchmark S&P/TSX Composite Index ended down 13.55 points or 0.07% at 20,103.11, after moving in a very narrow range between 20,070.49 and 20,156.72. The index shed 0.36% in the week.

Asian stocks ended mostly lower on Monday ahead of a busy week of economic releases and speeches from several Federal Reserve officials, including Fed Chair Jerome Powell.

Investors looked ahead to the release of U.S. European and Chinese PMIs, euro-zone inflation data and U.S. personal consumption numbers this week for additional clues on the growth and rate outlook.

European stocks are subdued as investors await key economic data from the U.S., Europe and China this week for directional cues.

Growth worries returned to the fore after data showed profits at China’s industrial companies rose at a much slower pace in October than the prior month.

In commodities, West Texas Intermediate Crude oil futures are down $0.95 or 1.26% at $74.59 a barrel.

Gold futures are up $10.40 or 0.53% at $2,013.40 an ounce, while Silver futures are gaining $0.444 or…

2023-11-27 07:55:17

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