Canadian Market Likely To Open On Weak Note

RTTNews | 141 days ago

(RTTNews) - Canadian stocks may open weak on Thursday, amid growing uncertainty about U.S. and Iran resuming their peace talks anytime soon.

Meanwhile, Iran has tightened its grip on the Strait of Hormuz. Seizing two ships trying to exit the Strait on Wednesday, Iran has asked Washington to lift its naval blockade.

In earnings news, Teck Resources reported earnings per share of $1.75 for the first quarter of its current year, compared with $0.60 in the previous quarter.

Fairfax Financial, Advantage Oil & Gas and Mullen are also scheduled to announce their quarterly earnings today.

On the economic front, data on Canadian manufacturing sales, raw materials sales, and producer prices for the month of March are due at 8:30 AM ET.

Canadian stocks advanced on Wednesday after tumbling in the previous session as U.S. President Donald Trump extended the ceasefire in the U.S.-Iran war, which calmed the market. However, the ongoing blockade of Strait of Hormuz capped the gains.

The benchmark S&P/TSX Composite Index gave back some ground but traded positive throughout the session before settling at 33,955.11, up by 146.81 points or 0.43%.

Asian stocks fell on Thursday as oil prices continued to surge amid the ongoing closure of the critical Strait of Hormuz.

In a significant escalation of the Middle East conflict, Iran seized two cargo ships seeking to exit the Gulf via the vital global oil route and warned that the U.S. and Israel will not achieve their goals "through bullying."

European stocks are broadly lower, weighed down by concerns about tensions in the Middle East, and weak regional PMI data.

In commodities trading, West Texas Intermediate Crude oil futures are up marginally at $93.10 a barrel.

Gold futures are down $17.90 or 0.37% at $4,735.10 an ounce, while Silver futures are down $2.451 or 3.13% at $75.510 an ounce.

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