Bay Street Likely To Open Lower

Canadian shares look headed for a weak start Friday morning, tracking falling crude oil prices.

Worries about growth due to rising coronavirus cases and fresh restrictions on movements in several countries in Europe may also weigh on the market.

On the economic front, data from Statistics Canada showed retail sales in the country dropped by 0.6% in September over the previous month. Retail Sales increased 4.8% in September of 2021 over the same month in the previous year.

Retail Sales Ex Autos in Canada decreased to -0.2% in September from 2.8% in August of 2021.

Another data from Statistics Canada showed prices of new homes in Canada rose 0.9% over a month earlier in October, after rising by 0.4% in September. Year-on-year, the index rose 11.5% in October.

The Canadian market ended slightly weak on Thursday after a lackluster session. Cannabis stocks plunged sharply. The benchmark S&P/TSX Composite Index ended with a loss of 15.48 points or 0.07% at 21,637.54.

Asian stocks turned in a mixed performance on Friday, with investors tracking corporate and economic news from the region. Japan unveiled a record 56 trillion yen stimulus package, and Chinese e-commerce giant Alibaba missed revenue and earnings expectations.

Beiging is reportedly looking to introduce more tax and fee reductions that could amount to more than 500 billion yuan.

European stocks are drifting lower after a positive start. Surging coronavirus cases and imposition of partial lockdowns and fresh restrictions in several countries in the continent weigh on sentiment.

In commodities, West Texas Intermediate Crude oil futures for December are down as much as $2.5 or 3.17% at $76.51 a barrel amid concerns about the outlok for energy demand.

Gold futures are up $2.30 or 0.12% at $1,863.70 an ounce, while Silver futures are down $0.110 or 0.46% at $24.790 an ounce.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT