Canadian Stocks May Open Slightly Weak

(RTTNews) - Canadian shares may open slightly down on Thursday with investors focusing on the upcoming speeches by central bank chiefs, including Fed Chair Jerome Powell, at the Jackson Hole Symposium.

A lack of fresh news from the trade front may render the mood cautious and deter investors from making significant moves. Subdued metal prices may weigh a bit on materials shares.

Data from Canadian Federation of Independent Business showed that Canada's CFIB Business Barometer long-term index fell 3.7 points to 47.8 in August, after climbing higher in the previous four months.

Data from Statistics Canada showed the Canadian industrial product price index climbed 0.7% in July, after a 0.4% increase in June. Year-on-year, the index jumped 2.6% in July.

Raw materials prices in Canada decreased to 0.8% in July from 1.1% in June.

The Canadain market closed modestly higher on Wednesday, gaining in some strength after a subdued start. The benchmark S&P/TSX Composite Index settled with a gain of 54.88 points or 0.2% at 27,878.76.

Gold stocks helped lead the way higher, as the price of the precious regained ground after trending lower over the past few sessions. Higher oil prices lifted a few energy stocks, contributing to the positive close on Bay Street.

Asian stocks ended mixed on Thursday as investors awaited policy signals from Federal Reserve Chair Jerome Powell, who is expected to speak on Friday at the Fed's annual conference in Jackson Hole, Wyoming.

The major European markets are down in negative territory in cautious trade as investors await speeches from central bank chiefs at Federal Reserve's economic symposium at Jackson Hole, Wyoming.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.15 or 0.25% at $63.36 a barrel.

Gold futures are down $5.90 or 0.17% at $3,382.60 an ounce, while Silver futures are down $0.028 or 0.07% at $37.745 an ounce.