Canadian Stocks Set For Mixed Performance Amid Geopolitical Tensions
(RTTNews) - Canadian stocks are likely to turn in a mixed performance on Monday, tracking the trend in commodities markets and investors assessing the situation in the Middle East and awaiting fresh U.S. economic sanctions on Iran and its trading partners.
With top Canadian banks scheduled to report their quarterly earnings this week, the mood is likely to remain largely cautious.
Agnico Eagle Mines Limited said that it has inked a subscription deal with Radisson Mining Resources Inc. (RDS.V) to acquire 53,420,000 units of Radisson at C$1.07 per unit for a total consideration of C$57.159 million in a private placement.
Endeavour Silver Corp. announced that it is resuming operations of its Terronera Mine in Mexico on Monday, as the blockade by members of the nearby Ejido community has been removed.
Bay Street ended on a firm note on Friday as traders awaited a breakthrough in the ongoing Canada-U.S. negotiations to avert 50% tariffs on Canadian exports to the U.S.
The benchmark S&P/TSX Composite Index ended with a gain of 254.81 points or 0.7% at 36,620.23.
Asian stocks ended Monday's session mostly lower as investors awaited earnings from chip giant Nvidia along with the release of key U.S. inflation data and Federal Reserve Chair Kevin Warsh's Jackson Hole speech for direction.
Traders also awaited details of what Washington has billed as its toughest-ever sanctions campaign against Iran and its trading partners.
Gold prices were up 0.9 percent at 4,644 an ounce in Asian trade, hitting their highest level in more than three months as a subdued dollar lent support.
European stocks are mostly subdued in lackluster trade today with investors looking ahead to Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium, the Trump administration's announcement of fresh economic sanctions on Iran and its trading partners.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.70 or 1.95% at $85.36 a barrel.
Gold futures are up $29.40 or 0.63% at $4,710.00 an ounce, while Silver futures are down $0.345 or 0.5% at $69.185 an ounce.
