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Bay Street Likely To Open On Weak Note

Lower stock index futures due to weak crude oil prices point to a negative start for the Canadian market on Friday.

The mood is likely to remain cautious as investors await the federal elections in Canada, and the U.S. Federal Reserve's monetary policy announcement.

The Canadian market ended notably lower on Thursday, weighed down by losses in materials shares after bullion prices tumbled. The S&P/TSX Composite Index settled with a loss of 91.69 points or 0.44% at 20,602.10. The index dropped to a low of 20,555.11 in the session.

Asian stocks mostly higher on Friday despite concerns about slowing global growth and bets on early tapering by the U.S. Federal Reserve.

European stocks have drifted down into negative territory, with investors turning cautious amid signs of a slowdown in global economic growth due to the impact of the surge in coronavirus cases.

In commodities, West Texas Intermediate Crude oil futures for October are down $0.40 or 0.56% at $72.21 a barrel.

Gold futures are up $2.60 or 0.15% at $1,759.30 an ounce, while Silver futures are gaining $0.101 or 0.44% at $22.895 an ounce.

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