Bay Street Likely To Open On Mixed Note

RTTNews | Pred 1125 dňami
Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are seen opening on a mixed note Friday morning, reacting to retail sales data and tracking commodity prices and slightly higher European stocks.

Worries about slowing growth and rising interest rates might weigh on stocks and limit upside.

Also, a bit of profit taking is likely at several counters after five successive days of gains.

Data from Statistics Canada showed retails sales in Canada increased 2.2% in May of 2022 over the previous month. Retail Sales increased 14.1% year-on-year in May.

Despite moving along the flat line for much of the day's session, the Canadian market ended modestly higher on Thursday thanks to strong gains in technology and industrials sections.

Healthcare and energy stocks were weak. Real estate stocks had a good outing, while shares from other sectors ended mixed.

Rising interest rates, inflation and slowing growth rendered the mood cautious. Weak crude oil prices weighed on energy stocks.

Investors digested the latest batch of economic data from the U.S., and the European Central Bank's decision to hike interest rates by 50 basis points.

The benchmark S&P/TSX Composite Index ended with a gain of 42.18 points or 0.22% at 19,062.85, moving up for the fifth consecutive session. The index touched a low of 18,870.76 and a high of 19,064.92 in the session.

Asian stocks turned in a mixed performance on Friday, but still logged their best week in months on receding concerns over the Federal Reserve's aggressive interest-rate hikes.

The euro fell from a more than two-week high reached on Thursday after the European Central Bank unexpectedly surprised markets by lifting policy rates by 50 basis points - marking its first hike in 11 years and ending a policy of negative interest rates that had been in place since 2014.

European stocks are modestly higher after a slightly weak start with investors making cautious moves, digesting the latest batch of economic data and earnings updates.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.98 or 1.01% at $95.37 a barrel.

Gold futures are gaining $13.30 or 0.78% at $1,726.70 an ounce, while Silver futures are up $0.061 or 0.33% at $18.780 an ounce.

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