Bay Street Likely To Open Mixed As Traders Eye U.S. Data For Direction

(RTTNews) - Canadian shares are likely to see a mixed start Thursday morning, with investors tracking data on U.S. producer prices inflation, retail sales and jobless claims for some clues about the Federal Reserve's outlook for interest rates.

Investors will also be reacting to the final data on manufacturing sales in Canada for the month of January, and a report on new motor vehicles sales in January.

In company news, Empire Company Limited (EMP.A.TO) reported third-quarter net earnings of $134.2 million, compared to $125.7 million in the year-ago quarter.

Tilray Inc (TLRY.TO) announced that its has received approval for the first medical cannabis extract in Portugal called Tilray Oral Solution THC 5 CBD 20.

Perpetua Resources Corp. (PPTA.TO) announced Thursday that its President and CEO, Laurel Sayer, intends to step down from the role and as a Board member, effective March 14. The Board of Directors has appointed Jon Cherry to succeed Laurel Sayer as President and CEO and as a Board member.

The Canadian market extended gains to a third straight session and ended at a 2-year high on Wednesday as energy and materials shares rallied on firm commodity prices.

The benchmark S&P/TSX Composite Index, which opened flat 21,838.07, climbed to 22,008.04 around late morning, and stayed firm right till the end of the day's session to settle with a gain of 139.09 points or 0.64% at 21,970.11, the highest close since April 2022.

Asian stocks ended mixed on Thursday after moving in a tight range, as investors looked ahead to the release of U.S. producer price inflation, retail sales and jobless claims data due out later in the day for cues on inflation and interest rates.

European stocks are broadly higher amid bets that the European Central Bank will likey lower borrowing costs in the spring.

In commodities, West Texas Intermediate Crude oil futures are up $0.73 or 0.91% at $80.45 a barrel.

Gold futures are down $8.40 or 0.37% at $2,172.40 an ounce, while Silver futures are up $0.034 or 0.14% at $25.190 an ounce.