21.01.2022 13:59:49

Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian shares are likely to open lower Friday morning, tracking weak global markets and falling commodity prices.

Data on Canadian retail sales and wholesales sales for the month of November are due at 8:30 AM ET. According to preliminary estimates, retail sales in Canada likely rose 1.2% month-over-month in November 2021. Considering October, retail sales increased 1.6% over a month earlier, rebounding from a downwardly revised 0.3% decline in September.

The Canadian New Housing Price Index for December 2021 is also due out at 8:30 AM ET. House Price Index in Canada increased to 11.7% (year-on-year) in November from 11.5% in October of 2021.

Richelieu Hardware Limited (RCH.TO) reported diluted net earnings per share of $0.79 for the fourth quarter ended November 30, 2021, up 64.6% over the year-ago quarter. The company reported a 24.8% jump in sales in the fourth quarter of 2021.

Despite staying firm till around mid afternoon, the Canadian market tumbled and ended weak on Thursday, weighed down by losses in consumer and materials sections.

The benchmark S&P/TSX Composite Index, which rose to 21,369.72, ended with a loss of 146.98 points or 0.69% at 21,058.18, slightly off the session's low.

Asian stocks ended lower on Friday after the technology-heavy Nasdaq 100 entered a correction, taking cues from the bond market. Rising tensions over Ukraine, weak earnings update from Netflix and caution ahead of the U.S. central bank's policy meeting also weighed on markets.

European stocks are down sharply, weighed down by concerns over inflation and imminent interest rate hikes. A sell-off in technology stocks is contributing significantly to the decline.

In commodities, West Texas Intermediate Crude oil futures are down $2.47 or 2.8% at $84.43 a barrel, weighed down by data showing an unexpected jump in crude inventories in the previous week.

Gold futures are lower by $7.20 or 0.4% at $1,835.40 an ounce, while Silver futures are down $0.271 or 1.1% at $24.445 an ounce.

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