Bay Street Likely To Open Lower

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(RTTNews) - Canadian shares look headed for a weak start Friday morning, tracking lower commodity prices and weak European stocks. Geopolitical tensions and tariff concerns are likely to weigh on sentiment.

Canadian retail sales data for the month of January, and new housing price index score for the month of February, are due at 8:30 AM ET.

Retail sales in Canada likely eased by 0.4% in January 2025, compared to a month earlier, according to preliminary estimates.

Premium Brands Holdings Corp (PBH.TO) reported quarterly adjusted earnings of C$1.05?? per share for the quarter ended December 31, higher than the same quarter last year, when the company reported EPS of 85 cents. Revenue rose 5.4% to C$1.64 billion from a year ago, and the quarterly net income was C$37.3 million.

The Canadian market ended slightly down on Thursday as concerns about growth outlook and rising trade tensions weighed on sentiment. Reports that Canadian Prime Minister Mark Carney may call a snap election in late April raised uncertainty on the political front.

The benchmark S&P/TSX Composite Index ended down 8.97 points or 0.04% at 25,060.24. The index, which tumbled to 24,923.12 in early trades, climbed to 25,174.97 around late morning, but retreated to around 25,000 before recovering some lost ground.

Asian stocks turned in a mixed performance on Friday as tariff worries and rising Middle East tensions prompted traders to book some profits after recent gains.

Reports of Israeli airstrikes on Gaza and fresh U.S. sanctions on Iran pushed crude oil prices higher, reigniting worries about inflation and raising bets the Federal Reserve may delay rate cuts.

European stocks are broadly lower today, weighed down by concerns about the outlook for growth due to tarrifs and Middle East tensions.

In commodities, West Texas Intermediate Crude oil futures are down $0.25 or 0.37% at $67.82 a barrel.

Gold futures are down marginally at $3,042.90 an ounce, while Silver futures are lower by $0.221 or 0.65% at $33.770 an ounce.

U.S. Dollar Higher On Trade Hopes

The U.S. dollar appreciated against its major counterparts in the New York session on Friday, as investors focused on developments on the trade front.

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Swiss Market Ends On Firm Note On Upbeat Industrial Production Data

After a positive start and a subsequent rise to higher levels Friday morning, the Switzerland market remained firm despite paring some gains, and ended the day's session on a bright note. Data showing a sharp jump in Swiss industrial production in the first-quarter aided sentiment.

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European Stocks Close Week On Positive Note

European stocks closed higher on Friday thanks to easing trade tensions following the announcement of the U.S.-China deal earlier in the week, and reports that the EU bloc's talks with the U.S. for a reduction in tariffs are making positive progress.

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Canadian Market Recovers After Weak Start; TSX Up Marginally

Canadian stocks are turning in a mixed performance a little past noon on Friday after recovering from an early setback. Investors appear to be making cautious moves after eight straight days of gains that saw the market climb to a new record high on Thursday.

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U.S. Consumer Sentiment Unexpectedly Continues To Deteriorate In May

Consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April. Economists had expected the index to inch up to 53.4.

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U.S. Import, Export Prices Unexpectedly Inch Higher In April

The Labor Department released a report on Friday unexpectedly showing modest increases by both U.S. import and export prices in the month of April. The report said import prices crept up by 0.1 percent in April after falling by a downwardly revised 0.4 percent in March.

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U.S. Housing Starts Rebound Less Than Expected In April, Building Permits Pull Back Sharply

While the Commerce Department released a report on Friday showing a rebound by new residential construction in the U.S. in the month of April, the report also showed a substantial pullback by building permits during the month.

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Eurozone Trade Surplus Surges On Exports To US

The euro area trade surplus grew strongly in March as exports to the U.S increased sharply ahead of the expected increase in trade tariffs. The trade balance showed a surplus of EUR 36.8 billion compared to a EUR 22.8 billion surplus in the same period last year, Eurostat reported Friday.

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EURUSD	1.11549	GBPUSD	1.32809	AUDUSD	0.64069
USDJPY	145.873	USDCAD	1.39826	USDCHF	0.83882

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Bay Street Likely To Open Lower