Bay Street Look Headed For Weak Start

RTTNews | 20 jam 0 menit yang lalu

(RTTNews) - Canadian stocks are likely to open on a weak note on Friday amid concerns about inflation and prospects of interest rate hikes by the Canadian and U.S. central banks. Oil prices are up sharply, while precious metals are notably lower.

Canadian retail sales data, and quarterly earnings updates, as well as U.S. PMI reports are set to make a notable impact on price movements.

In earnings news, Winpak reported earnings per share of $0.60 for the third-quarter, lower than an expected EPS of $0.63. The company had reported an EPS of $0.60 in the year-ago quarter. Third-quarter revenue came in at $312.47 million, compared with $282.97 million a year ago.

FirstService Inc. reported third-quarter revenue of $1.53 billion, compared with $1.45 billion a year ago. EPS increased to $1.89 from $1.76 in the year-ago quarter.

Mullen reported a notable jump in earnings per share at $0.52 for the third quarter. That compares with $0.36 in the year-ago quarter. Revenue was $653.2 million in the latest quarter, as against $561.8 million a year ago.

TFI International and Advantage Oil & Gas are scheduled to report their quarterly earnings later in the day.

Canadian stocks moved notably lower on Thursday amid increasing concerns of higher interest rates in response to rising inflation following a New York Times report of a possible, short but intense, U.S.-Iran joint military operation against Iran after the U.S. midterm elections.

The benchmark S&P/TSX Composite Index traded weak throughout the session before settling at 35,973.45, down by 351.54 points or 0.97%.

Asian stocks ended mixed on Friday due to concerns over technology valuations and escalating Houthi attacks in Saudi Arabia.

The major European markets are trading weak amid concerns about inflation and interest rates as oil prices climbed higher due to tensions in the Middle East. Some disappointing earnings updates and weak economic data also weigh on sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $2.01 or 2.02% at $101.48 a barrel.

Gold futures are down $25.20 points or 0.61% at $4,035.20 an ounce, while Silver futures are down $1.072 or 1.95% at $53.935 an ounce.

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EURUSD	1.1202	GBPUSD	1.3372
USDJPY	156.819	USDCAD	1.39976