Bay Street Likely To See Mixed Start

(RTTNews) - Canadian shares are likely to open on a mixed note on Thursday, tracking commodity prices, and weighing the possible impact of further interest rate hikes on global economic growth.

Canada's trade data for the month of November is due at 8:30 AM ET.

Canada posted a trade surplus of C$ 1.2 billion in October of 2022, widening from a downwardly revised C$ 0.6 billion in the previous month and in line with market expectations. Exports were up 1.5% at C$ 67 billion, while imports increased by 0.6% to C$ 65.8 billion in October.

The Canadian market ended on a firm note on Wednesday, led by gains in healthcare, materials, technology and financials shares. The mood in the market was fairly positive, in line with the trend across the U.S. and European markets.

The benchmark S&P/TSX Composite Index, which climbed to 19,639.51 a little past noon, ended the session with a gain of 145.06 points or 0.75% at 19,588.83.

Asian stocks ended broadly higher on Thursday, as investors reacted to modestly hawkish Federal Reserve minutes and data showing a slight improvement in Chinese services sector activity.

China's Shanghai Composite Index rallied after a private survey showed services activity in the country contracted at a slower pace in December. China's central bank's announcement that it would step up financing support to spur domestic demand and support a stable real estate market in 2023, helped as well.

The Chinese government announced that it would reopen its border with Hong Kong on January 8, nearly three years after it was largely shut in an effort to contain the spread of COVID.

European stocks are recovering well after early lows and are currently turning in a mixed performance.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.50 or 2.06% at $74.34 a barrel.

Gold futures are down $7.70 or 0.41% at $1,851.30 an ounce, while Silver futures are lower by $0.304 or 1.27% at $23.660 an ounce.