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Bay Street Likely To Open With Slightly Positive Bias

Canadian shares are likely to open with a positive bias on Thursday, tracking higher bullion prices.

However, the mood is likely to remain cautious due to concerns over rising coronavirus cases in Europe and imposition of lockdown restrictions in several countries. Also, with the U.S. market closed today for Thanksgiving, activity is likely to be somewhat subdued.

On the economic front, data on average weekly earnings in Canada for September is due at 8:30 AM ET.

Despite early weakness, Canadian stocks moved higher on Wednesday as U.S. treasury yields turned lower as the day progressed. The benchmark S&P/TSX Composite Index bounced well off its early lows, eventually ending the day up 94.66 or 0.4% at 21,548.43.

Asian stocks closed mixed on Thursday as inflation concerns and worries about fresh lockdowns in Europe offset optimism over data pointing to strength in the world's largest economy.

European stocks are up in positive territory Thursday afternoon, reacting to encouraging jobless claims and consumer data from the U.S. However, gains are just modest as worries about soaring coronavirus cases across the continent weigh on sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.22 or 0.28% at $78.17 a barrel.

Gold futures are gaining $8.20 or 0.47% at $1,792.40 an ounce, while Silver futures are up $0.169 or 0.72% at $23.665 an ounce.

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