Bay Street Looks Headed For Mixed Start
(RTTNews) - Canadian shares look headed for a mixed open on Thursday as the mood is likely to remain cautious with investors looking for directional clues.
A report from the Canadian Federation of Independent Business showed small business sentiment in Canada increased to 47.04 points in December from 45.58 point in November.
U.S. jobless claims report is likely to provide some more clarity on Federal Reserve's interest-rate path. After recent data showing a bigger than expected slowdown in U.S. consumer price growth has added to optimism about interest rate cuts in the U.S. as early as March 2024.
The Canadian market ended on a firm note on Wednesday, with the benchmark S&P/TSX Composite Index rising past the 11,000 mark to fresh 52-week intraday and closing highs.
The S&P/TSX Composite Index, which climbed to 21,091.05, ended with a gain of 134.72 points or 0.65% at 21,015.91.
Asian stocks rose on Thursday to hit five-month highs as the dollar eased and Treasury yields dipped to seven-month lows on bets for aggressive interest rate cuts by the Federal Reserve.
As inflation fears ebb, futures now imply an 88 percent chance of a 25 bps Fed rate cut as early as March, followed by two consecutive 25bp cuts in May and June.
After a positive start, European stocks are drifting lower as investors look for direction after recent strong upmove. Volumes continue to remain thin as traders are away on the sidelines ahead of more holidays.
In commodities, West Texas Intermediate Crude oil futures are down $0.88 or 1.19% at $73.23 a barrel.
Gold futures are down $7.50 or 0.35% at $2,085.60 an ounce, while Silver futures are lower by $0.101 or 0.41% at $24.540 an ounce.
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