(RTTNews) - Canadian shares are likely to open on a negative note on Monday, tracking weak commodity prices. The mood is likely to remain cautious with investors assessing the prospects of the Federal Reserve slowing down the pace of its interest rate hikes.
Investors will continue to react to quarterly earnings updates from Canadian companies.
In earnings news, Turquoise Hill Resources Ltd. (TRQ.TO) reported third-quarter income of $46.6 million, or $0.23 per share, compared with income of $55.7 million, or $0.28 per share in the year-ago quarter.
K92 Mining Inc. (KNT.TO) reported a net income of US$3.1 million or $0.01 per share for the third quarter. Quarterly revenue increased by 3% to US$36.4 million compared to the third quarter of the previous year.
Shawcor Limited (SCL.TO) reported net income of $23.01 million for the third quarter of this financial year, as against net loss of $8.3 million a year ago.
MAG Silver Corp (MAG.TO) reported net income of $8,227 or $0.08 per share for the three months ended September 30, 2022, as against net loss of $2,280 or $0.02 per share for the three months ended September 30, 2021.
Despite coming off higher levels twice before noon, the Canadian market stayed in positive territory on Friday and ended the session on a firm note.
The benchmark S&P/TSX Composite Index ended with a gain of 121.15 points or 0.61% at 20,111.51. The index scaled a low of 20,023.50 and a high of 20,169.79 intraday.
Asian stocks ended mostly lower on Monday, as hawkish comments from a Federal Reserve official offset investor optimism over China's sweeping rescue package to salvage its real estate market.
Meanwhile, several Chinese cities reported record COVID-19 cases, days after top health officials began refining rules around control of the virus.
European stocks are modestly higher in cautious trade after China unveiled a sweeping rescue package to salvage its real estate market.
The upside is limited following a top Federal Reserve official warning against bets of the U.S. central bank turning too dovish.
The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a "softening" of its battle against inflation, Federal Reserve Gov. Christopher Waller said on Sunday.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.03 or 1.16% at $87.93 a barrel.
Gold futures are down $8.40 or 0.47% at $1,761.00 an ounce, while Silver futures are lower by $0.42 or 0.21% at $21.625 an ounce.
