Bay Street Seen Opening Higher

(RTTNews) - Canadian shares may open a bit higher Friday morning on bargain hunting after losses in the previous two sessions.

Data from Statistics Canada showed retail sales in Canada decreased 0.2% in March over the previous month. Retail sales in Canada rose by 1.9% from the corresponding period of the previous year in March, up from the downwardly revised 1% increase in the earlier month.

Manufacturing Sales in Canada increased to 1.2% in April from -2.1% in March of 2024.

The Canadian market ended weak on Thursday, extending losses from the previous session, as weak metal prices and uncertainty about U.S. interest rate outlook rendered the mood cautious.

The benchmark S&P/TSX Composite Index, which tumbled to 22,134.74 intraday, ended with a loss of 145.97 points or 0.65% at 22,200.79, the lowest close since May 3.

Asian stocks ended weak on Friday as robust U.S. economic data stoked concerns about sticky inflation and the Federal Reserve's rate path. Hawkish comments from another Federal Reserve official also weighed on investor sentiment.

Chinese markets declined sharply, extending losses from the previous session as a trade war with the U.S. escalated and the Chinese military dispatched bombers armed with live missiles for mock strikes as part of its Taiwan drills.

European stocks are down in negative territory, weighed down by concerns about the outlook for interest rates following recent hawkish comments from Fed officials.

In commodities, West Texas Intermediate Crude oil futures are down $0.11 or 0.14% at $76.76 a barrel.

Gold futures are up $4.80 or 0.21% at $2,342.00 an ounce, while Silver futures are gaining $0.285 or 0.89% at $30.240 an ounce.