Bay Street Seen Opening On Subdued Note
(RTTNews) - Canadian shares are likely to open on a somewhat subdued note on Thursday, tracking sluggish commodity prices.
With a long weekend ahead, investors are likely to stay largely cautious. Data on Canadian employment is likely to provide some direction.
Data on Canadian employment for the month of March is due at 8:30 AM ET.
The Canadian economy created 21800 jobs in February of 2023. The unemployment rate in Canada held steady at 5% in February, staying close to the record low of 4.9% recorded in June and July 2022.
The Canadian market ended notably lower on Thursday, hurt by losses in healthcare, technology and industrials sectors.
Data showing a slowdown in U.S. private sector job growth, and slowing service sector activity weighed on sentiment.
The benchmark S&P/TSX Composite Index ended with a loss of 116.21 points or 0.57% at 20,159.55, more than 60 points off the day's low of 20,097.59.
Asian stocks ended broadly lower on Thursday as another round of weak U.S. data fueled worries of U.S. recession.
European stocks are up in positive territory with encouraging regional data and expectations of a pause in rate hikes by the Federal Reserve help underpin sentiment.
In commodities, West Texas Intermediate Crude oil futures are up $0.06 or 0.07% at $80.67 a barrel.
Gold futures are down marginally at $2,034.60 an ounce, while Silver futures are gaining $0.043 or 0.17% at $25.080 an ounce.
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