Bay Street Likely To Open Lower
(RTTNews) - Weak metal prices and lower U.S. and Canadian futures point to a lower open on Bay Street Thursday morning. Canadian retail sales data could impact sentiment.
Middle East concerns linger due to a lack of meaningful progress in U.S.-Iran talks.
Final data on Canadian retail sales for the month of July, and a preliminary report on retail sales in August are due at 8:30 AM ET.
In company news, Kinross Gold expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces expected per year.
The Canadian market ended weak on Wednesday, snapping the two-day winning streak that saw the market end at a fresh two-week closing high.
The benchmark S&P/TSX Composite Index tumbled 584.18 points or 1.61% to finish at 35,751.43 after trading between 35,751.23 and 36,193.30.
Asian stocks retreated on Thursday, even as Japan's stocks rose notably as Tokyo markets reopened after a three-day holiday. The mood remained cautious after oil prices rose sharply overnight and U.S. bond yields jumped to their highest levels in nearly two decades on inflation concerns.
The major European markets are showing some weakness today as oil prices climbed higher amid a lack of progress in U.S.-Iran talks.
In commodities trading, West Texas Intermediate crude oil futures are up $1.65 or 1.76% at $93.85 a barrel.
Gold futures are down $17.80 or 0.41% at $4,300.60 an ounce, while Silver futures are down $0.954 or 1.46% at $64.010 an ounce.
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