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Bay Street Likely To Open With Negative Gap

RTTNews | 837 days ago

Bay Street Likely To Open With Negative Gap

(RTTNews) - Lower U.S. and Canadian futures and a sell-off in European markets point to a negative start for the Canadian market on Friday.

Falling crude oil prices may weigh on energy stocks.

Amid renewed concerns about the strength of the banking industry, European markets are down sharply today, with bank stocks bearing the brunt of selling pressure.

Data on Canadian retail sales for the month of January is due at 8:30 AM ET.

Retail sales in Canada likely rose 0.7% month-over-month in January, according to preliminary estimates.

Preliminary data on wholesale sales and manufacturing sales for February are also due at 8:30 AM ET.

After staying positive till around mid afternoon, the Canadian market retreated and closed weak on Thursday, led by losses in energy and financials shares.

The benchmark S&P/TSX Composite Index, which climbed to 19,681.84, ended with a loss of 72.86 points or 0.37% at 19,459.92.

Asian stocks ended broadly lower on Friday as concerns about the banking crisis persisted despite comments from regulators that they would take additional steps as needed to support the financial system.

European stocks are plunging sharply, with those from the banking sector taking a severe beating, on reports that Credit Suisse and UBS Group are among the banks under scrutiny in a U.S. Justice Department probe for potentially helping Russian oligarchs evade sanctions.

In commodities, West Texas Intermediate Crude oil futures are down $2.52 or 3.61% at $67.44 a barrel.

Gold futures are up $2.40 or 0.12% at $1,998.30 an ounce, while Silver futures are gaining $0.084 or 0.36% at $23.340 an ounce.

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