Canadian Market Likely To Swing Between Gains And Losses

(RTTNews) - Canadian stocks are likely to see some volatility on Friday, tracking oil's wild swings amid escalating tensions in the Middle East. The mood is likely to remain cautious amid concerns several central banks might consider hiking interest rates sooner than later.

West Texas Intermediate Crude oil futures climbed to $97.00 a barrel from a low of $93.42 before dropping to $95.29, losing nearly 0.9%.

Gold futures are up $58.80 or 1.28% at 4,664.50 an ounce, while Silver futures are gaining $0.305 or 0.43% at 71.520 an ounce.

Data from Statistics Canada showed Canadian Industrial Product Price Index rose 0.4% in February over the previous month and surged 5.4% Year-Over-Year.

A separate data from Statistics Canada showed Canadian Retail sales likely increased by 0.9% in February from a month earlier, according to a preliminary estimate. If confirmed, that would extend the 1.1% increase in January to C$69.7 billion, which was revised lower from the 1.5% estimate.

Canadian stocks ended sharply lower on Thursday amid rising concerns about the impact of the ongoing war in the Middle East.

After Israel bombed Iran's South Pars natural gas fields and oil facilities in Asaluyeh, Tehran retaliated by launching an attack on Qatar's Ras Laffan energy complex, causing extensive damage to the facility.

The benchmark S&P/TSX Composite Index ended with a loss of 457.69 points or 1.42% at 31,854.98. Materials stocks were among the worst hit. Stocks from consumer, real estate, industrials and financial sectors also ended mostly lower.

Asian stocks ended mostly lower in thin trading on Friday, with Japanese markets closed for a holiday. A cautious undertone prevailed as strikes targeting infrastructure in Iran, Qatar and Saudi Arabia stoked concerns of a prolonged economic impact from the war.

After a positive start and a subsequent fall into the red, the major European markets are modestly higher now amid cautious moves by investors. The wild swings in oil prices, and concerns about rising prospects of monetary tightening by central banks weigh on stocks.