Bay Street May Open On Weak Note

RTTNews | 102 dias atrás
Bay Street May Open On Weak Note

(RTTNews) - Canadian shares look headed for a weak start on Friday, weighed down by lower crude oil and metal prices. Worries about U.S. - China trade tensions may also weigh on sentiment.

Canadian retail sales data may make an impact on the market. Data released by Statistics Canada showed that retail sales in Canada increased 0.7% in March over the previous month.

Retail Sales in Canada increased 4.7% in February over the same month in the previous year.

Manufacturing sales in Canada decreased to -1.9% percent in March from 0.2% in February, according to preliminary estimates.

Canadian stocks moved sharply higher during trading on Thursday, adding to the strong gains posted in the two previous sessions.

The benchmark S&P/TSX Composite Index jumped 254.85 points or 1.0 percent to 24,727.53, ending the session at its best closing level since the day U.S. President Donald Trump initially announced his "reciprocal tariff" plan.

Healthcare stocks showed a substantial move to the upside on the day, driving the S&P/TSX Capped Health Care Index up by 5.1 percent.

Asian stocks advanced on Friday amid signs the Trump administration is making progress on trade negotiations and that the U.S. Federal Reserve may cut interest rates earlier than expected if labor and growth data weaken notably.

China's Shanghai Composite Index finished marginally lower at 3,295.06 as Beijing denied the existence of negotiations on a deal with the U.S. and demanded that the U.S. revoke all unilateral tariffs.

European stocks are up in positive territory with investors mostly reacting to recent earnings updates, and expecting a de-escalation in U.S.- China trade friction.

In commodities trading, West Texas Intermediate crude oil futures are down $0.80 or 1.25% at $61.99 a barrel.

Gold futures are down $45.40 or 1.36% at $3,303.20 an ounce, while Silver futures are lower by $0.243 or 0.73% at $33.260 an ounce.

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