Canadian Shares Likely To Open On Mixed Note

(RTTNews) - It's likely to be a mixed start for stocks on Bay Street Thursday morning, with investors tracking European stocks and the trend in commodity markets. The focus is on U.S. jobless claims, and personal expenditure data, due this morning, and the Canadian GDP report due on Friday.

On the economic front, Canada's CFIB Business Barometer long-term optimism index fell by six points to 48.7 in September of 2023, pointing to the first period of pessimism for businesses since the pandemic-driven crash in the second quarter of 2020.

In company news, Aurora Cannabis Inc. (ACB.TO) announced today that it has raised C$33.8 million through bought-deal financing, to repay its convertible senior notes.

SNC Lavalin Group (SNC.TO) has reportedly bagged a $21 million contract from Central Florida Expressway Authority for a state road extension near Orlando.

Data on Canadian average weekly earnings for the month of July is due at 8:30 AM ET. Average weekly earnings of non-farm payroll employees in Canada increased 3.6% year-on-year in June, the same pace as in the previous month.

The Canadian market ended notably lower for a second successive session, as stocks tumbled on Wednesday amid rising concerns about interest rates and the outlook for global economic growth.

The benchmark S&P/TSX Composite Index, which dropped to 19,341.44 around mid afternoon, regained some lost ground subsequently to eventually settle at 19,435.98 with a loss of 120.17 points or 0.61%.

Asian stocks ended mostly lower on Thursday as investors remained concerned about further interest rates hikes in the U.S. China's property woes and uncertainty before a key U.S. inflation reading due on Friday also rendered the mood cautious.

European stocks are broadly lower amid persistent fears of higher U.S. interest rates and concerns over China's beleaguered property market.

In commodities, West Texas Intermediate Crude oil futures are down $0.48 or 0.51% at $93.20 a barrel.

Gold futures are up $2.30 or 0.12% at $1,893.20 an ounce, while Silver futures are gaining $0.086 or 0.38% at $22.810 an ounce.