Bay Street Likely To Open On Weak Note
(RTTNews) - Lower Canadian and U.S. futures, weak crude oil prices and European stocks point to a negative start for the Canadian market on Thursday.
Ahead of key earnings updates from U.S. and Canadian companies, investors are unlikely to indulge in any significant buying.
The Canadian market ended on a weak note on Wednesday as stocks fell amid fading hopes of an interest rate cut anytime soon after data showed a bigger than expected increase in U.S. consumer price inflation.
The Bank of Canada's statement that the central bank will continue with quantitative tightening weighed as well on sentiment.
The benchmark S&P/TSX Composite Index ended down by 162.65 points or 0.73% at 22,199.13, about 100 points off the day's low.
Asian stocks ended mixed on Thursday as hotter-than-expected U.S. inflation data stoked fresh uncertainty about the pace of Fed rate cuts this year.
European stocks are down in negative territory on concerns over U.S. consumer price inflation, and the European Central Bank's decision to leave interest rate unchanged.
In commodities, West Texas Intermediate crude oil futures are down $0.43 or 0.5% at $85.78 a barrel.
Gold futures are up $5.00 or 0.2% at $2,353.20 an ounce, while Silver futures are up $0.013 or 0.05% at $28.065 an ounce.
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