Bay Street Likely To Open On Negative Note

(RTTNews) - Canadian shares are likely to open with a negative bias on Thursday as trade concerns, and Middle East tensions may weigh on sentiment.

A lack of specifics in the framework agreed to by U.S. and Chinese officials on Tuesday has raised uncertainty about the two nations reaching an agreement anytime soon.

Also, there is uncertainty about the European Union securing a deal before U.S. President Donald Trump's July 8 deadline for tariffs on imports from EU countries.

Meanwhile, the U.S. President expressed diminished confidence in reaching a nuclear deal with Iran, emphasizing that Iran must not acquire nuclear weapons.

There is more negative news on the geopolitical front, with the U.S. initiating a partial evacuation of its embassy in Iraq and authorizing voluntary departures from Bahrain and Kuwait, citing heightened security concerns.

The Canadian market closed modestly higher on Wednesday. The benchmark S&P/TSX Composite Index settled at 26,524.16, up by 97.85 or 0.37%.

Asian stocks turned in a mixed performance on Thursday as a new U.S.-China trade deal provided few concrete details.

Talks in London aimed at cooling tensions between the countries ended in a "deal," according to U.S. President Donald Trump. The Chinese side did not disclose any progress, resulting in a fragile truce.

European stocks are exhibiting weakness amid renewed concerns about tariffs as a lack of specifics in the framework has raised uncertainty about the two nations reaching an agreement anytime soon.

Also, there is uncertainty about the European Union securing a deal before U.S. President Donald Trump's July 8 deadline for tariffs on imports from EU countries.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.05 or 1.54% at $67.10 a barrel.

Gold futures are gaining $66.50 or about 2% at $3,410.20 an ounce, while Silver futures are up $0.104 or 0.29% at $36.365 an ounce.