Bay Street Likely To Open On Weak Note
(RTTNews) - The Canadian market is likely to open on a weak note on Tuesday, tracking weak Asian and European markets and sharply lower crude oil prices.
Worries about inflation and economic slowdown will continue to weigh on sentiment.
The Canadian market ended sharply lower on Friday. The benchmark S&P/TSX Composite Index ended with a loss of 395.88 points or 2.09% at 18,583.13, after hitting a low of 18,522.55. The market remained closed on Monday for Thanksgiving Day.
Asian stocks ended lower on Tuesday, extending recent losses, amid worries about relentless Federal Reserve tightening and the escalation of the conflict in Ukraine following heavy Russian attacks.
Technology stocks bore the brunt of the selling as the United States intensified efforts to hobble China's semiconductor industry.
European stocks are down in negative territory with investors fearing the impact of higher interest rates on corporate profits.
The U.S. efforts to hobble China's semiconductor industry, an escalating conflict in Ukraine and China's COVID woes also add to worries over a possible global recession.
The leaders of the G7 group of nations will hold a virtual meeting today to discuss offering further support to Ukraine after Moscow launched retaliatory missile strikes that killed 19 people.
In commodities trading, West Texas Intermediate Crude oil futures are down $2.31 or 2.5% at $88.82 a barrel.
Gold futures are gaining $2.00 or 0.12% at $1,677.00 an ounce, while Silver futures are down $0.195 or 0.99% at $19.420 an ounce.
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