Bay Street Likely To Open Lower On Weak Commodity Prices
2024-07-07
3658
(fxcue news) - Canadian shares are likely to open with a negative bias Monday morning as weak crude oil and metal prices may weigh on energy and materials sectors.
The mood is likely to remain cautious with investors awaiting Fed Chair Jerome Powell's testimony this week for additional clues on the U.S. central bank's policy path.
The Canadian market ended weak on Friday, after posting gains in the previous three sessions. Investors digested the jobs data from the U.S. and Canada, and assessed the outlook for interest rates.
The benchmark S&P/TSX Composite Index ended down 184.99 points or 0.83% at 22,059.03, the day's low. The index gained about 0.85% in the week.
Data from Statistics Canada showed employment in Canada fell by a marginal 1,400 in June, following a 26,700 increase in the previous month. The unemployment rate rose to 6.4% in June from 6.2% in the earlier month.
Asian stocks ended lower on Monday, while the euro rose against the dollar as French elections resulted in unprecedented political uncertainty.
European stocks are up in positive territory after a left-wing alliance won the most seats in the French parliament, thwarting the far right in a stunning result to Sunday's second-round vote.
However, no single political faction got even close to the majority needed to form a government, creating political mayhem that has undermined the president's power and shaken the foundations of the European Union's second-largest economy.
In commodities, West Texas Intermediate Crude oil futures are down $0.61 or 0.71% at $82.55 a barrel.
Gold futures are down $14.90 or 0.62% at $2,382.80 an ounce, while Silver futures are lower by $0.314 or 0.99% at $31.375 an ounce.
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