Bay Street Seen Opening Lower

(RTTNews) - Canadian shares are likely to open weak on Thursday, tracking lower European stocks and bullion prices. The Federal Reserve's hawkish tone is also likely to weigh on sentiment.

The European Central Bank's rate decision and the accompanying statement will be eyed.

On the economic front, data on Canadian housing starts for the month of May, and manufacturing sales for April, are due at 8:15 AM and 8:30 AM, respectively.

In company news, digital asset miner Hut 8 Mining Corp. (HUT.TO) agreed to a proposed business combination with U.S. Data Mining Group, Inc. dba US Bitcoin Corp under which they will combine in an all-stock merger of equals. The combined company will be named "Hut 8 Corp." and will be a U.S.-domiciled entity.

The Canadian market ended marginally up on Wednesday, lifted by gains in technology, consumer discretionary and industrials sectors. The benchmark S&P/TSX Composite Index ended with a gain of 24.69 points or 0.12% at 20,015.09, after scaling a low of 19,930.30 and a high of 20,098.47 intraday.

Asian stocks ended mixed on Thursday as new Chinese data disappointed and the U.S. Federal Reserve signaled that more rate hikes are on the cards. Investors also awaited cues from the ECB and BOJ meetings.

European stocks are broadly lower as investors await the European Central Bank's policy announcement. The ECB is expected to deliver another interest rate hike of 25 basis points, to confirm an acceleration in the pace of quantitative tightening. The focus will be on the central bank's guidance regarding future interest rate increases.

In commodities, West Texas Intermediate Crude oil futures are up $0.62 or 0.91% at $68.89 a barrel.

Gold futures are down $28.10 or 1.42% at $1,940.80 an ounce, while Silver futures are lower by $0.710 or 2.95% at $23.395 an ounce.