Bay Street Likely To Open Higher

(RTTNews) - Canadian shares look headed for a positive start on Monday amid optimism about U.S.-China trade deal and on easing worries on the Brexit front.

However, sluggish crude oil prices might render energy stocks a bit weak and limit market's upside.

On the trade front, U.S. and Chinese officials reportedly said they are "close to finalizing" some parts of a 'phase one' trade deal after high-level telephone discussions on Friday.

U.S. President Donald Trump has said he plans to sign the deal with Chinese President Xi Jinping at a summit in Chile next month.

On Friday, the S&P/TSX Composite Index rose 35.17 points or 0.21% to settle at 16,404.49.

In company news, Restaurant Brands International Inc. (QSR.TO) reported net profit of US$201 million or 75 cents per diluted share for the quarter ended September 30, up from a profit attributable to common shareholders of $134 million or 53 cents per share a year ago.

Asian markets ended higher on Monday amid optimism about U.S.-China trade deal and on news about the European Union agreeing to London's request for a Brexit extension.

European markets were a bit subdued after HSBC warned of a challenging outlook. Slightly easing worries about a no-deal Brexit after the European Union's decision to extend the deadline to until January 31 for Britain's exit from the bloc appear to be aiding sentiment a bit.

In commodities, crude oil futures for December were down $0.17, or 0.27%, at $56.49 a barrel.

Gold futures for December were gaining $1.00, or 0.07%, at $1,506.30 an ounce.

Silver futures for December were up $0.130, or 0.74%, at $18.060 an ounce, while Copper futures for December $0.0115, or 0.43%, at $2.6870 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.