Bay Street Likely To Open On Mixed Note

RTTNews | 273天前

(RTTNews) - Canadian shares are likely to open on a mixed note on Friday, tracking fairly steady commodity prices, and reacting to U.S. President Donald Trump's threat that his administration will impose new tariffs on Canada and the European Union.

In a video address to the World Economic Forum on Thursday, Trump threatened Canada and EU with new tariffs, while expressing dissatisfaction about their trade surpluses with the United States.

Trump warned earlier this week that he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1.

On the economic front, preliminary data on Canadian manufacturing sales, and a report on new housing prices, for the month of December, are due at 8:30 AM ET.

The Canadian market continued its climb up north with stocks turning in a fine performance on Thursday on hopes some major central banks, including the Federal Reserve will lower interest rates in the first quarter.

At the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump reaffirmed his earlier promises of tax cuts, tariffs on trading partners, and increased energy production. He also urged major central banks to lower interest rates.

The benchmark S&P/TSX Composite Index ended with a gain of 122.58 points or 0.48% at 25,434.08, rising for the eighth consecutive session.

Asian stocks closed broadly higher on Friday after U.S. President Donald Trump said during an interview that his recent conversation with Chinese President Xi Jinping was friendly and that he would rather not impose tariffs on China, suggesting a potentially softer stance on tariffs against the country.

European stocks are mostly up in positive territory today with investors reacting to Trump's remarks about interest rates and tariffs, and digesting regional PMI data that have largely come in stronger than expected.

In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.57% at $75.05 a barrel.

Gold futures are gaining $18.50 or about 0.67% at $2,783.50 an ounce, while Silver futures are up $0.533 or 1.73% at $31.375 an ounce.

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EURUSD	1.1629	GBPUSD	1.33038	AUDUSD	0.65091
USDJPY	152.864	USDCAD	1.3994	USDCHF	0.7955