Bay Street Seen Opening On Mixed Note
(RTTNews) - Canadian shares may open on a slightly mixed note on Thursday tracking the trend in the commodity markets, and somewhat firm European stocks.
Gold and silver prices have moved higher, while oil prices are down on demand concerns.
The focus, once again, will be on trade negotiations between the U.S. and several other major nations.
Imperial Bank of Commerce announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) or the "LRCNs". CIBC said it expects to use the net proceeds from the sale of the LRCNs for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC.
The Canadian market closed modestly higher on Wednesday, supported by gains in the mining sector, despite the US President Donald Trump getting aggressive with tariff imposition.
Trump's announcement of an additional 10% tariff on the 11-member BRICS nations as well as his plans to impose 50% and 200% levies on Copper and pharmaceutical imports to the US, respectively, has raised concerns on the trade front.
The benchmark S&P/TSX Composite Index reached an intraday high of 27,018.54 after noon, and settled at 26,972.32, up by 68.75 or about 0.26%.
Asian stocks ended Thursday's session mostly higher, unfazed by U.S. President Donald Trump's latest tariff salvos.
After threatening tariffs on copper and pharma, Trump upped the stakes in his global trade war with a fresh round of tariffs on imports from eight nations.
He imposed a 50% tariff on Brazilian imports over Jair Bolsonaro's prosecution, prompting sharp retaliation from President Lula.
The major European markets are up firmly in positive territory amid rising optimism about the European Union striking a trade deal with the U.S. in the coming days.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.28 or 0.41% at $68.10 a barrel.
Gold futures are gaining $14.40 or 0.43% at $3,335.40 an ounce, while Silver futures are up $0.385 or 1.05% at $37.015 an ounce.
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