Bay Street Likely To Open On Mixed Note

2024-12-02 1891
(fxcue news) - Canadian shares may open on a mixed note on Monday. Energy stocks are likely to move higher on firm crude oil prices, while the broad market is likely to remain a bit sluggish. Data and U.S. and Canadian manufacturing activity may provide some direction. Data on Canadian manufacturing activity in the month of November is due at 9.00 AM ET. The S&P Global Canada Manufacturing PMI rose to 51.1 in October, expanding for a second straight month after 17 consecutive monthly contractions. In September, the reading came in at 50.4. Calibre Mining (CXB.TO) confirmed that it is not currently in discussions with Condor, nor does it have an active offer for their La India gold asset. Condor Gold initiated the sale process for their La India gold asset two years ago. Unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition. The Canadian market posted a record closing high for the third consecutive day as technology stocks climbed higher on strong buying interest on Friday. Expectations of further monetary easing by the central bank helped underpin sentiment. Data showing a slowdown in Canadian GDP growth limited market's upside. The benchmark S&P/TSX Composite Index climbed to 25,694.45 before settling at 25,648.00, with a gain of 104.48 points or 0.41%. The index gained about 0.8% in the week. Asian stocks closed broadly higher on Monday after the release of robust Chinese factory activity data. A private survey showed the manufacturing sector in China expanded at a faster pace in November, with the corresponding PMI rising to 51.5 from 50.3 in October. However, concerns over a broader trade war capped regional gains after U.S. President-elect Donald Trump demanded a commitment from the BRICS nations on using the dollar, warning they shouldn't move to create a new currency or endorse any other currency to replace the dollar. European stocks are mostly up after struggling for direction earlier in the session after a survey showed Eurozone manufacturing PMI hit a two-month low of 45.2 in November. Sentiment is also dented by U.S. President-elect Donald Trump's threat of 100% tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar. In commodities, West Texas Intermediate Crude oil futures are up $0.74 or 1.09% at $68.74 a barrel. Gold futures are down $14.70 or 0.55% at $2,666.30 an ounce, while Silver futures are lower by $0.148 or 0.48% at $30.960 an ounce.
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