Bay Street Likely To Open Lower

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(RTTNews) - Canadian shares look headed for a weak start Friday morning, tracking lower commodity prices and weak European stocks. Geopolitical tensions and tariff concerns are likely to weigh on sentiment.

Canadian retail sales data for the month of January, and new housing price index score for the month of February, are due at 8:30 AM ET.

Retail sales in Canada likely eased by 0.4% in January 2025, compared to a month earlier, according to preliminary estimates.

Premium Brands Holdings Corp (PBH.TO) reported quarterly adjusted earnings of C$1.05?? per share for the quarter ended December 31, higher than the same quarter last year, when the company reported EPS of 85 cents. Revenue rose 5.4% to C$1.64 billion from a year ago, and the quarterly net income was C$37.3 million.

The Canadian market ended slightly down on Thursday as concerns about growth outlook and rising trade tensions weighed on sentiment. Reports that Canadian Prime Minister Mark Carney may call a snap election in late April raised uncertainty on the political front.

The benchmark S&P/TSX Composite Index ended down 8.97 points or 0.04% at 25,060.24. The index, which tumbled to 24,923.12 in early trades, climbed to 25,174.97 around late morning, but retreated to around 25,000 before recovering some lost ground.

Asian stocks turned in a mixed performance on Friday as tariff worries and rising Middle East tensions prompted traders to book some profits after recent gains.

Reports of Israeli airstrikes on Gaza and fresh U.S. sanctions on Iran pushed crude oil prices higher, reigniting worries about inflation and raising bets the Federal Reserve may delay rate cuts.

European stocks are broadly lower today, weighed down by concerns about the outlook for growth due to tarrifs and Middle East tensions.

In commodities, West Texas Intermediate Crude oil futures are down $0.25 or 0.37% at $67.82 a barrel.

Gold futures are down marginally at $3,042.90 an ounce, while Silver futures are lower by $0.221 or 0.65% at $33.770 an ounce.

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

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Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

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U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

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German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

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