Bay Street Seen Opening With Negative Bias

(RTTNews) - Canadian shares are likely to open with a negative bias Thursday morning, tracking weak European markets and lower crude oil prices. The market is likely to be weighed down by tariff worries as well.

Empire Company Limited (EMP.A) reported third-quarter net earnings of $146.1 million ( $0.62 per share) compared to $134.2 million ( $0.54 per share) last year.

Transat A.T. (TRZ.TO) reported adjusted net loss of $75 million, or $1.90 per share, for the first quarter, compared with an adjusted net loss of $76 million, or $1.97 per share, a year earlier.

Data from Statistics Canada said the total value of building permits slipped by 3.2% month-over-month to $12.8 billion in January 2025, following an upwardly revised 11.6% jump in the prior month.

The Canadian market closed on a firm note on Wednesday, lifted by gains in energy and technology sectors.

The Bank of Canada's rate cut announcement, and tamer than expected U.S. consumer price inflation data contributed to the positive show by Canadian stocks.

Worries about tariffs and their impact on growth limited market's gains. The U.S. Government's 25% tariff on all steel and aluminum imports took effect on Wednesday, significantly impacting Canada, which is the largest foreign supplier of these metals to the United States.

The benchmark S&P/TSX Composite Index ended with a gain of 175.14 points or 0.72% at 24,423.34, nearly 100 points off the day's high of 24,516.28.

Asian stocks ended weak on Thursday despite softer U.S. inflation data bolstering the case for more Federal Reserve interest rate cuts this year.

Tariff worries kept investors on the edge after Canada and the EU swiftly retaliated against U.S. steel and aluminum tariffs and President Trump vowed to respond to the countermeasures.

European stocks are down in negative territory Thursday afternoon, failing to hold early gains, as worries about tariffs and their impact on growth hurt sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.31 or 0.46% at $67.37 a barrel.

Gold futures are up $7.30 or 0.25% at $2,954.10 an ounce, while Silver futures are down $0.123 or 0.36% at $33.620 an ounce.