Bay Street Likely To Open On Mixed Note

Weak commodity prices and subdued European markets point to a slightly mixed start for the Canadian market Monday morning. With a slew of crucial U.S. economic data due this week, the mood is likely to remain a bit cautious.

In Canadian earnings news, Cargojet Inc. (CJT.TO) reported fourth-quarter loss of C$34.9 million or C$2.04 per share compared with earnings of C$2.6 million or C$0.15 per share in the last year.

Emera Incorporated (EMA.TO) reported 2023 fourth-quarter net income of $175 million, or $0.63 per common share, compared with $249 million, or $0.93 per common share, in the fourth quarter of the previous year.

On the economic front, preliminary data on manufacturing sales and wholesale sales for the month of January is due at 8:30 AM ET.

The Canadian market closed higher on Friday, extending gains from the previous session, with technology stocks turning in another good performance.

The benchmark S&P/TSX Composite Index ended up 95.07 points or 0.45% at 21,413.15, after scaling a low of 21,274.41 and a high of 21,440.41 intraday. The index gained about 0.75% in the holiday shortened week.

Asian stocks ended mostly lower on Monday, with China recovery concerns and uncertainty over the timing of interest rate cuts in the U.S. keeping underlying sentiment cautious. Japan’s Nikkei 225 hit a new high.

European stocks are subdued ahead of key eurozone inflation data due this week that could offer important clues on the timing of interest rate cuts. ECB President Lagarde’s speech, due later today, is in focus as well.

In commodities, West Texas Intermediate Crude oil futures are down $0.39 or 0.51% at $76.10 a barrel.

Gold futures are down $6.40 or 0.31% at $2,043.00 an ounce, while Silver futures are down $0.397 or 1.73% at $22.585 an ounce.

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