Bay Street Likely To Open Weak Again
(RTTNews) - The Canadian market is likely to open on a negative note Thursday morning, tracking lower commodity prices and weak European stocks.
The Bank of England today raised its rates by 50 basis points, as against a widely expected 25 basis point hike. The Swiss National Bank has raised its rate by 25 basis points.
Federal Reserve Chair Jerome Powell's testimony and speeches by Fed officials are also likely to impact the market.
In Canadian earnings news, Empire Company Limited (EMP.A.TO) reported fourth-quarter net earnings of $182.9 million ($0.72 per share), compared to $178.5 million ( $0.68 per share) in the year-ago quarter.
The Canadian market ended weak on Wednesday, extending losses to a fourth straight session. The benchmark S&P/TSX Composite Index ended down 48.19 points or 0.24% at 19,705.95, extending losses to a fourth straight session. The index scaled a low of 19,656.09 and a high of 19,761.70 intraday.
Asian stocks ended mixed in thin trade, with markets in China, Hong Kong and Taiwan closed for the Dragon Boat Festival.
European stocks are down firmly in negative territory after the Bank of England announced a 50 basis point rate hike as against widespread forecasts for a 25 basis point hike.
The Swiss National Bank raised its interest rate by 25 basis points today.
In commodities trading, West Texas Intermediate Crude oil futures are down 1.33 or 1.82% at $71.21 a barrel.
Gold futures are lower by $10.60 or 0.55% at $1,934.30 an ounce, while Silver futures are down $0.260 or 1.12% at $22.550 an ounce.
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