Bay Street Likely To Open Lower

RTTNews | 48 days ago
Bay Street Likely To Open Lower

(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.

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