Canadian shares are poised for a mixed start this Monday. Energy sectors might witness gains due to robust crude oil prices, whereas the broader market may experience some sluggishness. Upcoming data on manufacturing activities in both the U.S. and Canada might steer market trends.
At 9:00 AM ET, we anticipate the release of Canadian manufacturing activity data for November. In October, the S&P Global Canada Manufacturing PMI rose to 51.1, marking its second consecutive month of expansion following 17 months of contraction, with September's figure at 50.4.
Meanwhile, Calibre Mining (CXB.TO) has announced that no current discussions are underway with Condor nor is there an active offer for Condor's La India gold asset. Condor Gold began the process to sell their La India asset two years ago, but Calibre does not foresee advancing an acquisition unless substantial negotiations resume.
Friday saw the Canadian market notching a record high for the third consecutive day, driven by robust buying in technology stocks. Market sentiment was buoyed by speculations of further monetary easing by the central bank, although market gains were somewhat capped by data indicating slowed GDP growth in Canada.
The S&P/TSX Composite Index surged to 25,694.45 before settling at 25,648.00, up by 104.48 points or 0.41%, with a weekly gain of approximately 0.8%.
Asian markets closed predominantly higher on Monday following strong Chinese factory activity data. A private survey indicated that China's manufacturing sector expanded at a quicker pace in November, with its PMI rising to 51.5 from 50.3 in October. Nevertheless, concerns over a potential trade conflict curbed regional gains after U.S. President-elect Donald Trump called for a commitment from the BRICS nations regarding the use of the dollar, cautioning against moves towards a new currency or any alternative to the dollar.
In Europe, stocks are mostly up after initially wavering in early trading. A survey revealed that the Eurozone's manufacturing PMI fell to a two-month low of 45.2 in November. Further affecting sentiment were threats from U.S. President-elect Donald Trump to impose a 100% tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar.
In commodities, West Texas Intermediate Crude oil futures have risen $0.74 or 1.09% to $68.74 per barrel. Meanwhile, gold futures have declined $14.70 or 0.55% to stand at $2,666.30 an ounce, and silver futures are down $0.148 or 0.48% at $30.960 an ounce.
