Bay Street Seen Opening Notably Lower
(RTTNews) - Sharply lower U.S. and Canadian futures and weak European markets point to a gap down opening for stocks on Bay Street on Thursday.
A report from the Canadian Federation of Independent Business showed small business sentiment in Canada decreased to 59.36 points in June from 61.60 points in May of 2022.
Canada GDP data for the month of April, and a preliminary reading of Canadian GDP for May are due at 8:30 AM ET.
The Canadian market ended notably lower on Wednesday after languishing in the red almost the entire duration of the trading session, as worries about tighter policy and possibility of a recession rendered the mood quite bearish.
The benchmark S&P/TSX Composite Index ended with a loss of 159.65 points or 0.83% at 19,063.09 after dropping to a low of 19,010.44 intraday.
Asian stocks ended on a mixed note on Thursday as investors weighed worries over an economic slowdown against improved Chinese data. China's Shanghai Composite Index jumped 1.1% after China's official gauges of factory and services activity returned to expansion in June following three months of contraction.
European stocks are down sharply and are on course for their worst quarter since the pandemic-led carnage in early 2020 amid worries about prolonged inflation leading to a global economic downturn.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.14 or 1.04% at $108.64 a barrel.
Gold futures are down $11.10 or 0.61% at $1,806.40 an ounce, while Silver futures are lower by $0.288 or 1.39% at $20.380 an ounce.
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