Bay Street Seen Opening On Subdued Note

(RTTNews) - Canadian shares are likely to open on a somewhat subdued note Monday morning due to a lack of significant triggers. While European stocks are up in positive territory, commodities are exhibiting a mixed trend with oil trading weak, and metal prices moving higher.

With U.S. inflation data, and the European Central Bank's policy announcement due later in the week, the mood is likely to remain a bit cautious.

In company news, Perpetua Resources Corp. (PPTA.TO) announced that it has received a Letter of Interest from the Export-Import Bank of the United States for potential debt financing of up to $1.8 billion through EXIM's Make More in America and China and Transformational Exports Program initiatives. EXIM's Letter of Interest is in support of the proposed capital funding plan by Perpetua Resources Idaho Inc. for the Stibnite-Gold Project.

The Canadian market ended on a strong note on Friday, with stocks from across several sectors moving higher on sustained buying interest. The mood was quite positive right through the day's session with investors digesting the jobs data from the U.S. and Canada.

The benchmark S&P/TSX Composite Index ended with a gain of 212.59 points or 0.96% at 22,264.38 a new closing high. The index touched a new intraday high of 22,316.92. It gained about 0.43% in the week.

Asian stocks ended Monday's session on a muted note, although a weaker yen helped Japanese markets close sharply higher for the day. The downside, if any, remained limited after reports suggested that negotiations for a ceasefire in Gaza are advancing in Cairo.

European stocks are up in positive territory amid slightly easing tensions in the Middle East, and data showing a growth in German industrial production. Investors look ahead to the European Central Bank's policy meeting, and U.S. inflation data, due later in the week.

In commodities, West Texas Intermediate Crude oil futures are down $0.60 or 0.68% at $86.31 a barrel.

Gold futures are gaining $8.50 or 0.35% at $2,353.90 an ounce, while Silver futures are up $0.187 or 0.66% at $27.690 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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