Canadian shares are likely to open lower Monday morning, tracking weak crude oil prices and weakness in European markets amid worries about a surge in coronavirus cases in Asia.
Activity is likely to remain stock specific with earnings announcements and corporate news providing some direction.
On the economic front, data released by Canada Mortgage and Housing Corporation showed housing starts in Canada decreased to 268,600 units in April from 334,800 units (revised) in March.
The Canadian market ended on an upbeat note on Friday amid easing fears about monetary tightening after some Fed officials said a rate hike is unlikely in the foreseeable future. The benchmark S&P/TSX Composite Index ended up by 230.88 points or 1.21% at 19,366.69, after climbing to a high of 19,393.28. Despite today's sharp surge, the index shed about 0.55% in the week.
Asian stocks ended mixed on Monday as investors reacted to the latest batch of economic data from China and continued to stay cautious amid a surge in coronavirus cases in several countries in the region.
European stocks were flat to slightly lower on Monday as investors digested mixed economic data from China and kept a wary eye on the COVID-19 surge across much of Asia, with Taiwan imposing strict social curbs to stem its worst virus outbreak.
European stocks are drifting lower, reacting to economic data from China and reports showing a surge in coronavirus cases and strict social curbs in several parts of Asia.
Traders also looking ahead to the minutes from the Federal Open Market Committee's latest meeting, due out Wednesday, for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases.
In commodities, West Texas Intermediate Crude oil futures are down $0.29 or 0.45% at $65.08 a barrel.
Gold futures are gaining $8.80 or about 0.5% at $1,846.90 an ounce, while Silver futures are up $0.305 or 1.11% at $27.670 an ounce.
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