Bay Street Likely To Open Lower

Canadian shares are likely to open weak Friday morning, tracking lower crude oil prices and weakness in European markets.

Data released by Statistics Canada showed prices of new homes in Canada increased by 1.4% from the previous month in May, after rising 1.9% in April.

The Canadian stock market closed weak on Thursday, dragged down by heavy losses in energy and materials shares after crude oil and bullion prices tumbled on dollar's surge. The benchmark S&P/TSX Composite Index, which fell to a low of 20,083.75, ended the session with a loss of 86.92 points or 0.43% at 20,144.04.

Asian stocks turned in a mixed performance on Friday after crude oil and bullion prices tumbled amid dollar strength. A retreat in U.S. Treasury yields helped limit regional losses, if any. The Chinese market ended flat and Hong Kong ended moderately higher, while the Japanese market closed weak. The Australian market closed slightly higher and Indian stocks closed roughly flat.

European markets are exhibiting weakness following a hawking policy outlook from the Federal Reserve and a likely tightening of monetary policy in China. Weak retail sales data is weighing on the UK market.

In commodities, West Texas Intermediate Crude oil futures are down $0.72 or 1.01% at $70.32 a barrel, extending losses from the previous session.

Gold futures are rising $18.70 or 1.06% at $1,793.50 an ounce, rebounding after plunging nearly 5% in the previous session.

Silver futures are gaining $0.469 or 1.81% at $26.325 an ounce, while Copper futures are up $0.0045 or 0.11% at $4.1825 per pound.

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