Bay Street Seen Opening Flat; Canada GDP Data, US PCE Reading Eyed
(RTTNews) - Canadian shares are likely to open on a somewhat flat note Friday morning. However, U.S. personal income and spending data, which includes the Fed's preferred readings on consumer price inflation, and Canadian GDP data - both due before the opening bell - could significantly impact sentiment.
Canadian stocks closed on a weak note on Thursday, due largely to profit taking, after upbeat US jobless claims and GDP data dimmed prospects of further rate cuts by the Federal Reserve this year.
The benchmark S&P/TSX Composite Index recovered from early losses, but still ended the day's session on a negative note, settling at 29,731.98 with a loss of 24.97 points or 0.08%.
Asian stocks ended on a weak note on Friday as the outlook for U.S. interest rates remained uncertain and the Trump administration announced a new round of tariff measures, including 100% duties on imported branded drugs, 25% tariffs on heavy-duty trucks and 50% tariffs on kitchen cabinets. All new duties will take effect on October 1.
The major European markets are up in positive territory today with investors shrugging off tariff concerns and picking up stocks. The mood, however, remains a bit cautious ahead of key U.S. PCE data.
In commodities trading, West Texas Intermediate Crude oil futures are down 0.13 or 0.2% at $64.85 a barrel.
Gold futures are up $4.30 or 0.11% at $3,775.40 an ounce, while Silver futures are gaining $0.196 or 0.43% at $45.310 an ounce.
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