Markets

Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Monday morning, reacting to data on Canadian manufacturing activity, and commodity prices.

Data from Statistics Canada showed manufacturing sales in Canada decreased to -2.10% in April from 3.5% percent in March March.

Another report from Statistics Canada said car registrations in the country decreased to 166,709 Units in April from 173,485 Units in March.

Amid inflation worries, investors await the U.S. Federal Reserve's monetary policy meeting scheduled for Tuesday and Wednesday for more clues about the economic recovery and monetary policy.

The Canadian market ended on a firm note on Friday, closing higher for a second consecutive session. The benchmark S&P/TSX Composite Index, which hit a new peak at 20,155.92 during the session, settled at 20,138.35, gaining 88.88 points or 0.44%. The index gained about 0.55% in the week.

HEXO Corp. (HEXO.TO) reported a loss of $16.01 million in its fiscal third quarter, compared with net loss of $21.06 million in the year-ago quarter. In the second quarter of this fiscal, Hexo posted a net loss of $6.9 million.

Asian stocks ended broadly higher in thin holiday trading on Monday, after the G7 summit ended with a pledge to continue to support economies with investment until pandemic subsidies. Markets in Taiwan, China and Hong Kong were closed for the Dragon Boat Festival. The Australian market was closed in observance of the Queen's Birthday.

European stocks are paring early gains and are just marginally up in early afternoon trades as investors make cautious moves ahead of the upcoming monetary policy meeting of the Federal Reserve.

West Texas Intermediate Crude oil futures are up $0.52 or 0.73% at $71.43 a barrel.

Gold futures for August are declining $28.10 or 0.1.49% at $1,851.50 an ounce, while Silver futures are down $0.431 or 1.52% at $27.715 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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