Markets

Bay Street Seen Opening Notably Lower

(RTTNews) - Canadian shares look headed for a weak start Monday morning amid rising concerns about global growth due to a surge in coronavirus cases in the U.S. and several countries across Europe.

Sharply lower crude oil prices may trigger a sell-off in the energy space, contributing to market's weakness.

The market ended modestly higher on Friday, closing up for a second straight session. The benchmark S&P/TSX Composite Index closed with a gain of 24.72 points or 0.15% at 16,304.08.

Cenovus Energy Inc. (CVE.TO) and Husky Energy Inc. (HSE.TO) have agreed to merge in an all-stock transaction valued at C$23.6 billion, inclusive of debt. The combined company will operate as Cenovus Energy Inc. and remain headquartered in Calgary, Alberta. The transaction is expected to close in the first quarter of 2021.

Asian stocks ended mostly lower on Monday, weighed down by a spike in coronavirus cases across the globe, and fading hopes about U.S. makers passing a new stimulus package before next week's election.

European stocks are notably lower due to growing worries about surging coronavirus cases in several parts of Europe and the U.S., and fading hopes about U.S. stimulus. Weak German business confidence data is hurting as well.

In commodities, West Texas Intermediate Crude oil futures for December are down $0.88 or 2.2% at $38.97 a barrel.

Gold futures are up slightly at $1,095.50 an ounce. Silver futures are down $0.380 or 1.54% at $24.295 an ounce.

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

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