Bay Street Likely To Open Weak

(RTTNews) - Weak commodity prices, lower European stocks and U.S. and Canadian futures point to a negative start for the Canadian market on Thursday. The Federal Reserve and Bank of Canada lowered interest rates on Wednesday but have ruled out the possibility of another cut this year.

Data from Statistics Canada showed wages in Canada increased 3.01% in August over the same month in the previous year.

Bausch Health Companies Inc. (BHC.TO) reported that its net income attributable to the company for the third quarter of 2025 was $179 million or $0.48 per share, compared to net loss of $85 million or $0.23 per share for the third quarter of 2024, an increase of $264 million.

Fairfax Financial Holdings, Eldorado Gold and NexGen Energy are scheduled to announce their quarterly earnings later in the day.

The Canadian market ended notably lower on Wednesday after reeling under pressure right through the day's session. The weakness on Bay Street came amid a negative reaction to monetary policy announcements by the central banks on both sides of the border.

The Bank of Canada, which lowered interest rates by a quarter point as widely expected, indicated it now expects to keep rates on hold. The Fed also cut rate by 25 basis points, and signaled that another rate cut is unlikely this year.

The benchmark S&P/TSX Composite Index ended the session with a loss of 274.90 points or 0.9% at 30,144.78.

Asian stocks turned in a mixed performance on Thursday after Federal Reserve Chair Jerome Powell indicated that further interest rate cuts are not guaranteed. The Bank of Japan left interest rate unchanged as expected but hinted at future hikes as inflation remains above target.

The meeting between U.S. President Donald Trump and Chinese President Xi Jinping concluded, with Trump saying there will be a trade deal "pretty soon." Trump announced that he would reduce fentanyl tariffs on China, helping calm immediate tensions.

The major European markets are down in negative territory with investors reacting to corporate earnings, and digesting interest rate moves by major central banks.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.43 or 0.73% at $60.05 a barrel.

Gold futures are down $11.10 or 0.32% at $3,989.60 an ounce, while Silver futures are down $0.123 or 0.27% at $47.790 an ounce.

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