Canadian Stocks May Extend Gains From Previous Session -- Canadian Commentary

(RTTNews) - Canadian stocks are likely to open on a slightly positive note Monday morning, with traders digesting U.S. retail sales data that was in line with expectations, and looking ahead to a report on U.S. consumer sentiment.

Investors are also watching the developments in Ukraine and the Middle East for further direction.

With the European Union's latest rounds of sanctions on Russia taking effect and the U.S. warning further sanctions, worries about possible disruptions in oil supplies have resurfaced again.

Energy and gold stocks are likely to turn in a mixed performance, tracking sluggish commodity prices.

On Thursday, the S&P/TSX Composite Index closed up 62.43 points or 0.40 percent at 15,534.32. The index scaled a intraday high of 15,546.54 and a low of 15,432.28.

Hudson's Bay (HBC.TO) reported second-quarter net loss of C$36 million or C$0.23 per share, compared to net loss of C$81 million or C$0.68 per share in the prior year.

BRP Inc. (DOO.TO) too reported narrower loss for the second quarter. The company said net loss for the period was down at C$3.6 million or C$0.03 per share, from C$7.9 million or C$0.07 per share last year.

In commodities, crude oil futuers for October are up $0.10 or 0.12 percent at $

Natural gas for October is down $0.009 or 0.25 percent at $3.815 per million btu.

Gold futures for December are down $2.30 or 0.19 percent at $1,236.70 an ounce.

Silver for December is down $0.031 or 0.17 percent at $18.568 an ounce. Meanwhile, copper is down marginally at $3.091 per pound.

According to a report from the U.S. Commerce Department, retail sales were up 0.6 percent in August, following an upwardly revised 0.3 percent increase in July. That was in line with expectations. Excluding autos too, retail sales rose as expected, increasing 0.3 percent in the month.

Meanwhile, data from the Labor Department showed import prices to have declined by a less than expected 0.9 percent in August. The consensus estimates called for a decline of 1 percent in import prices. Export prices dropped 0.5 percent, against expectations for a 0.1 percent decline.

The results of preliminary consumer sentiment survey from Reuters and the University of Michigan is due at 9:55 am ET. At 10 am ET, the U.S. Commerce Department will come out with its business inventories report for July.

In economic news from the eurozone, employment rose 0.2 percent in the second quarter, after increasing 0.1 percent in the previous quarter. Year-on-year, employment grew 0.4 percent, faster than the 0.1 percent rise in the first quarter.

Meanwhile, the Russian central bank left its key interest rate unchanged at 8 percent, with inflation staying high due amid severe economic sanctions.