Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to see a mixed start Friday morning, tracking commodity prices, and subdued European stocks. Waning hopes of aggressive interest rate cuts by the Federal Reserve may weigh on sentiment.

Gold hovered near $2,560 per ounce in Asian trading, as the dollar consolidated weekly gains ahead of the release of U.S. retail sales data due later in the day. Oil prices were set for a weekly loss on concerns over slowing demand in China, the world's biggest crude importer.

Data on manufacturing sales, wholesale sales, and new motor vehicles sales, all for the month of September, are due at 8:30 AM ET.

Atkins Realis (ATRL.TO) announced that its joint venture Candu Energy has received a contract from EnergoNuclear to build two new CANDU reactors at the Cernavoda Nuclear Generating Station in Romania.

Birchcliff Energy Ltd. (BIR.TO) reported a net loss of $1.51 million for the quarter ended September 30, 2024, as against a net income of $2.21 million in the year-ago quarter.

The Canadian market settled higher on Thursday with the benchmark S&P/TSX Composite Index moving on to a new record high, riding on strong gains in the energy sector. In addition to reacting to a slew of earnings updates, investors also digested a mixed batch of economic data from the U.S.

Profit taking in technology stocks and fading hopes of aggressive interest rate cuts by the Federal Reserve limited market's upside.

The benchmark S&P/TSX Composite Index, which climbed to a new all-time high of 25,137.70, settled with a gain of 60.65 points or 0.24% at 25,049.67, closing past the 25,000 mark for the first time.

Asian stocks ended mixed on Friday, as Federal Reserve Chair Jerome Powell's remarks poured cold water on rate cut optimism and mixed economic data highlighted China's uneven economic recovery.

China's Shanghai Composite Index ended sharply lower on concerns around slowing economic growth.

European stocks are turning in a mixed performance following Fed Chair Powell signaling a cautious approach on rate cuts, and data from China stoking conerns about slowing demand in the world's second largest economy.

In commodities, West Texas Intermediate Crude oil futures are down $0.19 or 0.28% at $68.47 a barrel.

Gold futures are up $2.30 at $2,575.20, while Silver futures are gaining $0.156 at $30.725 an ounce.