Canadian shares are likely to open on a cautious note, with a negative bias on Thursday, tracking weak global cues.
Energy stocks may turn subdued after recent gains, following reports Russia and Saudi Arabia may increase crude output that would help offset loss of Iranian oil to some extent.
According to reports, Saudi Arabia and Russia struck a private deal in September to raise oil production to cool rising prices.
are expected to attract buyers. Sluggish gold prices may weigh on materials stocks. Activity is likely to be largely stock specific with corporate news setting the trend.
On Wednesday, the benchmark S&P/TSX Composite Index ended up 54.82 points, or 0.34%, at 16,072.05, after scaling a low of 16,006.23 and a high of 16,082.26 intraday.
In company news, Canadian Pacific Railway Limited (CP.TO) today reported said revenues are estimated to grow by 19% to an all-time record high of approximately $1.9 billion, in the third quarter. The company has raised its 2018 full-year guidance. It expects adjusted diluted EPS to grow in excess of 20%, increased from earlier guidance of low-double digit growth.
Wi-LAN Inc. announced that WiLAN's wholly-owned subsidiary, Polaris Innovations Limited, has granted a term license for certain patents owned by Polaris to Elite Semiconductor Memory Technology Inc.
K-Bro Linen Inc. (KBL.TO) today announced that it has successfully completed the previously announced $4.7 million acquisition of Linitek, a private laundry and linen services company operating in Calgary, Alberta.
Asian markets ended mostly lower on Thursday after upbeat U.S. economic data drove 10-year U.S. Treasury yields to their highest level since 2011, raising concerns the Federal Reserve may raise interest rates aggressively.
European markets too drifted lower due to the sharp jump in U.S. treasury yields amid expectations of further rate hikes on the back of recent upbeat U.S. economic data.
In economic news from eurozone, the German construction sector saw a loss of growth momentum in September, data from IHS Markit revealed Thursday. The construction Purchasing Managers' Index came in at 50.2 in September, down from 51.5 in August.
Data from the Society of Motor Manufacturers and Traders showed UK car registrations plunged in September as regulatory changes impacted supply. The new car market posted a double-digit annual decline of 20.5% in September, reversing a 23.1% rise in August.
In U.S., data on initial jobless claims and continuing claims for the week ended September 28, will be out at 8:30 AM ET.
A report on factory orders in the month of August will be released at 10 AM ET.
In commodities, crude oil futures for November were down $0.13, o 0.17%, at $76.28 a barrel.
Gold futures were up $1.40, or 0.12%, at $1,204.30 an ounce.
Silver futures were gaining $0.040, or 0.27%, at $14.710 an ounce.
Copper futures were down $0.003, or 0.11%, at $2.831 per pound.
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