Weak crude oil and gold prices suggest a negative opening for Canadian stocks on Monday. Nonetheless, the market could see an upward trend should the Gross Domestic Product (GDP) and producer prices data, expected later this morning, prove favorable.
Scheduled for release at 8:30 AM ET are the final figures for Canada's GDP for October, alongside November's data on Canadian producer and raw materials prices.
Payfare Inc. (PAY.TO) has disclosed its acquisition by 1517452 B.C. Ltd., an affiliate of Fiserv, Inc., for C$4.00 per share in cash, culminating in a total transaction valued at approximately C$201.5 million.
On Friday, the Canadian market concluded on a positive note, breaking a 6-day losing streak. This was after data from the U.S. Commerce Department indicated a slower-than-anticipated rise in the PCE price index—enhancing prospects for potential interest rate reductions by the Federal Reserve in the coming year.
Significant gains were seen in sectors such as healthcare, real estate, technology, consumer discretionary, materials, and utilities.
The benchmark S&P/TSX Composite Index, after dropping to 24,250.02 in early trading, rebounded and advanced to settle at 24,599.48, marking a gain of 185.54 points or 0.76%. However, over the week, the index posted a decline of about 2.9%.
Asian stocks ended higher on Monday, taking their cue from Wall Street's gains on Friday following the Federal Reserve's preferred inflation measure coming in below expectations, thereby stoking optimism for further rate cuts by the U.S. central bank in 2025.
The positive sentiment was further bolstered by anticipated Chinese stimulus and the passage of a significant U.S. funding bill that has prevented a potential year-end government shutdown.
In Europe, stocks saw a modest uptick on Monday as investors mostly exercised caution ahead of the imminent Christmas holidays.
In the commodities sector, West Texas Intermediate Crude oil futures have dipped $0.36 or 0.5%, priced at $69.10 a barrel.
Meanwhile, gold futures have declined by $15.20 or 0.57% to $2,629.90 an ounce, whereas silver futures are up $0.222 or 0.74%, standing at $30.180 an ounce.
The material has been provided by InstaForex Company -
www.instaforex.com
