Bay Street Seen Opening On Weak Note

(RTTNews) - Sharply lower Canadian and U.S. futures, weak global markets and falling commodities point to a gap down opening on Bay Street Monday morning.

Amid mounting worries about growth and news about a surge in coronavirus cases in China, markets in Asia tumbled today, and most of the markets across Europe are firmly down in negative territory.

In Canadian company news, Alithya Group inc. (ALYA.TO) today announced details of its Alithya 365 Power Apps for Manufacturing which further strengthen Alithya's position as a go-to partner for the Microsoft Cloud for Manufacturing.

Canadian stocks plunged sharply on Friday as data showing a bigger than expected surge in U.S. inflation in May raised concerns about growth and triggered a sell-off in the market.

The benchmark S&P/TSX Composite Index ended with a loss of 289.07 points or 1.41% at 20,274.82, after dropping to a low of 20,196.16.

Asian stocks tanked on Monday as hotter-than-expected U.S. inflation data coupled with news that China's capital Beijing is facing an "explosive" COVID-19 outbreak connected to a bar stoked concerns about global growth.

European stocks are plunging sharply, extending losses from the previous session, on falling appetite for riskier assets amid fears of a recession and news of a "ferocious" COVID-19 outbreak in Beijing's most populous district of Chaoyang. Weak UK growth data also raised concerns about the economic outlook in the region.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.97 or 1.65% at $118.70 a barrel.

Gold futures are down $16.00 or 0.85% at $1,859.50 an ounce, while Silver futures are lower by $0.321 or 1.46% at $21.610 an ounce.