Bay Street May Open Higher

(RTTNews) - Canadian shares may open higher on Monday, tracking positive lead from European markets. However, weak crude oil and metal prices may weigh and limit market's upside. With a slew of key economic data due later in the week, the mood is likely to remain cautious.

The dollar hovers near four-month peak versus major peers on expectations of light regulation under Donal Trump and ahead of key U.S. inflation data and speeches by Federal Reserve officials, including Fed Chair Jerome Powell later in the week.

E L Financial Corporation Limited (ELF.TO) reported a consolidated shareholder's net income of $497 million or $146.56 per common share for the third quarter ended September 30, 2024, compared to a net loss of $57 million or $17.73 per common share for the same period in 2023.

The Canadian market ended lower on Friday as energy and materials stocks fell on weak commodity prices as the U.S. dollar climbed higher on bets the Federal Reserve will be less aggressive with regard to rate cuts during Donald Trump's second term.

Investors digested Canadian employment data, and a slew of corporate earnings announcements.

The benchmark S&P/TSX Composite Index closed down 86.53 points or 0.35% at 24,759.40. The index, which touched a low of 24,679.72 and a high of 24,804.26 in the session, posted a gain of 2.1% in the week.

Asian stocks closed weak on Monday as Beijing's latest stimulus fell short of investor expectations and weak inflation data dampened hopes for a significant recovery in the world's second largest economy.

Concerns over U.S. dollar strength and international trade relationships also weighed on regional markets as the Republican Party edged closer to sweeping both chambers of the U.S. Congress.

European stocks are up firmly in positive territory on Monday, with inflation readings across Europe, U.S. and a preliminary reading of euro zone third quarter GDP awaited.

In commodities, West Texas Intermediate Crude oil futures are down $1.56 or 2.22% at $68.82 a barrel.

Gold futures are down $31.30 or 1.16% at $2,663.50 an ounce, while Silver futures are lower by $0.259 or 0.81% at $31.190 an ounce.

LIKE.TG：汇集全球营销软件&服务，助力出海企业营销增长。提供最新的“私域营销获客”“跨境电商”“全球客服”“金融支持”“web3”等一手资讯新闻。

点击【联系客服】 🎁 免费领 1G 住宅代理IP/proxy， 即刻体验 WhatsApp、LINE、Telegram、Twitter、ZALO、Instagram、signal等获客系统，社媒账号购买 & 粉丝引流自助服务或关注【LIKE.TG出海指南频道】、【LIKE.TG生态链-全球资源互联社区】连接全球出海营销资源。