Bay Street Likely To Open Lower

(RTTNews) - It's likely to be a weak start for Canadian stocks on Thursday as rising bond yields, and escalating tensions in the Middle East are likely to render the mood a bit bearish. With oil prices drifting lower, energy stocks are likely to feel the heat.

Data on Canadian raw materials and producer prices are due at 8:30 AM ET.

In earnings news, Mullen Group Ltd. (MTL.TO) reported a net income of $39.1 million, or $0.44 per share, for the third-quarter, up 2.9% and 7.3%, respectively, from a year-ago.

Wells Fargo has downgraded its rating for Canada Goose Holdings (GOOS.TO), saying the company's wholesale business has seen incremental pressure over the past couple of months, and its exposure to wholesale is higher vs luxury peers.

The Canadian market ended weak on Thursday on widespread selling amid geopolitical tensions and worries about inflation and interest rates.

The benchmark S&P/TSX Composite Index ended down 242.10 points or 1.23 percent at 19,450.70, slightly off the day's low of 19,434.34.

Asian stocks dropped on Thursday, with concerns of a wider conflict in the Middle East, rallying oil prices and a continued surge in bond yields weighing on sentiment.

Chinese markets fell sharply after the U.S. tightened restrictions on China's semiconductor industry, and troubled property developer Country Garden missed a US$15 million coupon repayment.

European stocks are down in negative territory, weighed down by a slew of downbeat earnings updates and jitters around the Middle East war, and rising bond yields.

In commodities, West Texas Intermediate Crude oil futures are down $0.65 or 0.74% at $87.67 a barrel.

Gold futures are down $2.80 or 0.14% at $1,965.50 an ounce, while Silver futures are lower by $0.074 or 0.3% at $23.025 an ounce.