Bay Street Likely To Open Lower

(RTTNews) - The Canadian market is likely to open with a negative bias on Thursday, tracking weak metal prices. Quarterly earnings are likely to provide some direction.

Canadian Natural Resources Ltd. (CNQ.TO) reported fourth-quarter net earnings of C$1.52 billion, down from net earnings of C$2.53 billion in the year-ago quarter. Earnings per share declined to C$1.36 from last year's C$2.14.

Toronto-Dominion Bank (TD.TO) adjusted net income of $4,155 million in the first quarter, compared with $3,833 million in the year-ago quarter.

The Canadian market ended marginally up on Wednesday, thanks to strong gains in materials and energy stocks. In addition to digesting the data on Canadian manufacturing activity, investors also reacted to the latest batch of earnings updates.

The benchmark S&P/TSX Composite Index ended with a gain of 38.59 points or 0.19% at 20,259.78, after scaling a low of 20,200.90 and a high of 20,318.91 intraday.

Asian stocks turned in a mixed performance on Thursday, as the dollar strengthened, and bond yields hit fresh multi-month highs amid signs of rising inflationary pressures in the U.S. and worries about futher interest rate hike following hawkish comments from Federal Reserve officials.

European stocks have recovered after a weak start after data showing a drop in eurozone headline inflation. Data showed inflation eased slightly to 8.5% in February, down from 8.6% in the previous month.

In commodities, West Texas Intermediate crude oil futures are up $0.31 or 0.4% at $78.00 a barrel.

Gold futures are down $6.90 or 0.37% at $1,838.50 an ounce, while Silver futures are down $0.210 or 1% at $20.885 an ounce.