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Bay Street Likely To Open On Negative Note


(RTTNews) – Lower U.S. and Canadian futures and weak commodity prices indicate a negative start for the Canadian market Monday morning.

Concerns about geopolitical tensions as Russia and Ukraine trade blame over the weekend’s shelling near the Zaporizhzhia nuclear power plant are expected to weigh as well. The head of the U.N. nuclear watchdog has warned that whoever fired artillery at the plant was “playing with fire”.

Investors are also likely to continue assessing the possible move by the Federal Reserve at its December meeting. A few Fed officials commented recently that interest rates need to be raised further in order to tame inflation.

In company news, AltaGas Ltd. (ALA.TO) announced Monday that Randy Crawford, President and Chief Executive Officer, will retire in the first half of 2023 after four years in the role. Crawford will remain in his role until a successor is named.

The Canadian market ended higher on Friday after staying positive right through the day’s session, thanks largely to sustained buying at several counters in communications, consumer discretionary and industrials sectors.

The benchmark S&P/TSX Composite Index ended higher by 96.33 points or 0.48% at 19,980.91. The index shed about 0.6% in the week.

Asian stocks ended lower on Monday, as China battled a record number of COVID-19 cases and Russian officials in control of Europe’s largest nuclear site accused Kyiv of shelling the area.

European markets are weak, weighed down by losses in commodity-related stocks after China reported the first virus-related deaths recorded since May this year.

Risk sentiment was also hit by fears of a potential escalation in the Russia-Ukraine conflict following recent shelling around the Zaporizhzhia nuclear power plant.

The International Atomic Energy Agency has called for “urgent measures to help prevent a nuclear accident” in the Russian-occupied facility, of which it said parts were damaged but showed no signs of a radiation leak.

In commodities trading, West Texas Intermediate Crude oil futures for December are down $0.49 or 0.61% at $79.59 a barrel.

Gold futures are down $13.10 or 0.75% at $1,741.30 an ounce, while Silver futures are lower by $0.347 or 1.65% at $20.650 an ounce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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