Bay Street Likely To Open Flat
(RTTNews) - Canadian stocks look headed for a somewhat flat start Thursday morning, tracking the trend in European markets, and commodity prices.
Although dovish-leaning minutes from the Federal Reserve's September meeting have raised hopes of more interest rate cuts, investors will be eyeing Fed Chair Jerome Powell's speech at the Community Bank Conference today for more clues about the central bank's moves.
In company news, Morguard Corp. (MRC.TO) announced that it has agreed to issue C$250 million aggregate principal amount of series I senior unsecured debentures. These debentures will bear interest at a rate of 5.00% per annum and will mature on October 14, 2028. The anticipated closing date of the transaction is October 14, 2025.
The Canadian market closed on a firm note on Wednesday, lifted by momentum in mining stocks that was triggered by an extended surge in gold prices.
The benchmark S&P/TSX Composite Index settled with a gain of 150.27 points, or 0.5%, at 30,501.99.
Asian stocks ended mostly higher on Thursday, with chipmaking and related stocks leading the surge on optimism over artificial intelligence. Dovish-leaning minutes from the Federal Reserve's September meeting also fueled hopes for more Fed rate cuts.
European stocks are broadly higher amid expectations of more interest rate cuts by the U.S. central bank.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.37 or 0.59% at $62.18 a barrel.
Gold futures are down $9.00 or 0.22% at $4,061.50 an ounce, while Silver futures are lower by $0.254 or 0.52% at $48.740 an ounce.
European Markets Close Higher As Oil, Bond Yields Drop After Fed Rate Hike
U.S. Pending Home Sales Rebound From Six-Month Low In August
Philly Fed Index Pulls Back Off Five-Year High In September
U.S. Housing Starts Unexpectedly Tumble 2.6% In August
U.S. Jobless Claims Unexpectedly Dip To Lowest Level Since Mid-July
Bank Of England Holds Rate Steady At 3.75%
Philly Fed Index Pulls Back Much Less Than Expected In September
