Bay Street Likely To Open On Mixed Note
(RTTNews) - Canadian shares are likely to see a mixed start Thursday morning, with investors tracking the trend in the commodities market and a slew of U.S. economic data, including reports on second quarter GDP and Personal Consumption & Expenditure.
Uncertainty about the outlook for Fed interest rates and geopolitical tensions could weigh a bit on sentiment.
The Canadian market closed modestly lower on Wednesday as traders refrained from big moves and assessed the implications of last week's rate cut by the Bank of Canada amid assurances on the nation's economic future by Prime Minister Mark Carney.
The benchmark S&P/TSX Composite Index closed down by 58.68 points, or 0.2%, at 29,756.95.
Asian stocks ended little changed in muted trading on Thursday as an AI-driven rally showed signs of fatigue and hopes of aggressive Fed rate cuts faded.
Amid renewed concerns stemming from a U.S. labor market slowdown and sticky inflation, investors awaited more U.S. economic data, including jobless claims and PCE inflation data for directional cues.
The major European markets are down in negative territory in cautious trade today with investors awaiting a slew of key U.S. economic data.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.46 or 0.71% at $64.53 a barrel.
Gold futures are up $15.10 or 0.4% at $3,783.20 an ounce, while Silver futures are gaining $0.943 or 2.13% at $45.135 an ounce.
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European Shares Drift Lower In Cautious Trade
