Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to see a mixed start on Thursday, tracking European stocks and commodity markets, in addition to reacting to the latest batch of economic data and earnings updates from major U.S. retailers.

Meanwhile, in geopolitial news, a much-anticipated meeting between Presidents Joe Biden and Xi Jinping ended with both countries agreeing to resume military-to-military communications and cooperate on anti-drug policies.

In Canadian economic news, housing starts in Canada edged up by 1% over a month earlier to 274,700 units in October 2023, above market expectations of 252,900 units, according to the Canada Mortgage and Housing Corporation.

Canadian stocks finished Wednesday's trading day modestly higher, adding to the substantial gains posted during the previous session. The uptick on Bay Street came as the latest U.S. inflation data added to optimism about the outlook for interest rates.

The benchmark S&P/TSX Composite Index gave back ground after an early advance but still closed up 34.16 points or 0.2% at 20,057.89, its best closing level in almost two months.

Asian stocks ended lower on Thursday as Japan's export growth slowed in October and China's new home prices fell for the fourth straight month, rekindling worries about slowing global growth.

European stocks are lower with investors reacting to some disappointing earnings updates from top U.S. companies, and weak economic data from Asia.

In commodities, West Texas Intermediate Crude oil futures are down $0.47 or 0.61% at $76.19 a barrel.

Gold futures are up $3.30 or 0.17% at $1,967.60 an ounce, while Silver futures are gaining $0.137 or 0.58% at $23.675 an ounce.