Bay Street Looks Headed For Weak Start
(RTTNews) - Lower Canadian and U.S. futures and sliding European stocks amid rising concerns about global economic slowdown point to a weak start for the Canadian market Thursday morning.
Data on Canadian wholesale sales for the month of November, and new motor vehicles sales, are due at 8:30 AM ET.
The Canadian market snapped an 8-session winning streak and ended weak on Wednesday. Soft inflation data and expectations the Federal Reserve will slow the pace of interest rate hikes lifted sentiment early on in the session, but the mood turned cautious later on amid fears of a recession.
The benchmark S&P/TSX Composite Index ended with a loss of 81.23 points or 0.4% at 20,376.23, the day's low. The index climbed to 20,632.01 intraday.
Asian stocks turned in a mixed performance on Thursday amid lingering uncertainties about the outlook for the global economy. Disappointing U.S. data released overnight and hawkish Fed comments added to the downbeat sentiment.
European stocks are down sharply, weighed down by weak U.S. economic data and hawkish comments from Fed officials.
In commodities trading, West Texas Intermediate Crude oil futures for February are down $0.44 or 0.55% at $79.04 a barrel.
Gold futures are up $4.70 or 0.25% at $1,911.70 an ounce, while Silver futures are down $0.112 or 0.47% at $23.535 an ounce.
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