logo
Plus   Neg
Share
Email

Bay Street Bracing For Another Gut Punch -- Canadian Commentary

Canadian stocks were set for another rough open Friday, having plunged to their lowest since September.

Oil prices have turned lower along with U.S. equities, adding to Canada's woes. The TSX Composite Index is on the verge of falling below 15,000 today.

Traders will digest soem mixed economic news. Following two months of increases, employment fell by 88,000 in January, according to Statistics Canada.

Part-time employment declined (-137,000), while full-time employment was up (+49,000). At the same time, the unemployment rate increased by 0.1 percentage points to 5.9%.

RBC Bank (RY.TO) is being criticized for another technical breakdown on its trading platform. Clients are reporting they have been unable to execute trades during the recent volatility in global stocks. RBC apologized.

Cameco Corporation (CCO.TO) said its bottom line came in at C$181 million, or C$0.46 per share. This was up from C$90 million, or C$0.23 per share, in last year's fourth quarter.

Crude oil futures continued to fall Friday morning amid a stronger U.S. dollar and robust U.S. production.

The Energy Information Administration lifted its forecasts for 2018 and 2019 U.S. crude-oil production earlier this week.

WTI light sweet crude oil was dwn 40 cents at $60.31 a barrel.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT