Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian shares are likely to open weak on Thursday, tracking lower crude oil and bullion prices, and a somewhat sluggish trend in European markets.

Worries about slowing global growth and the impact of tighter monetary policy are likely to weigh on sentiment.

In earnings news, Empire Company Inc. (EMP.A.TO) reported first-quarter net earnings of $187.5 million, or $0.71 per share, compared to $188.5 million, or $0.70 per share in the year-ago quarter.

On the economic front, data on Canadian housing starts for the month of August, and new motor vehicles sales for the month of July, are due at 8:15 AM and 8:30 AM, respectively.

The Canadian market ended on a firm note on Wednesday although the mood remained cautious amid persisting worries about inflation and tighter policy stance of central banks.

The benchmark S&P/TSX Composite Index ended with a gain of 80.74 points or 0.41% at 19,726.14 after hitting a high of 19,809.13 intraday.

Asian stocks turned in a mixed performance on Thursday as investors assessed the impact of large interest-rate hikes by the Federal Reserve on global growth.

The European gas crisis, high inflation and the pace of global monetary policy tightening are taking a heavy toll on economic prospects, rating agency Fitch said while slashing its global GDP forecast to 2.4 percent in 2022 and 1.7 percent in 2023.

European stocks are turning in a mixed performance in cautious trade amid worries about high inflation and the impact of aggressive policy tightening on growth.

In commodities trading, West Texas Intermediate Crude oil futures for October are down $1.17 or 1.3% at $87.31 a barrel.

Gold futures are down $14.90 or 0.87% at $1,694.20 an ounce, while Silver futures are down $0.189 or 0.97% at $19.380 an ounce.