Bay Street Seen Opening Lower
(RTTNews) - The Canadian market is likely to open the final session of Year 2022 on a weak note amid concerns over rising Covid cases in China, and worries about global growth due to rising borrowing costs.
Sluggish commodity prices are also likely to weigh on sentiment.
After staying firm right through the day's session, the Canadian market ended on a strong note on Thursday thanks to impressive gains in technology, healthcare, energy and financials sectors.
The benchmark S&P/TSX Composite Index ended with a gain of 201.79 points or 1.05% at 19,485.89, around 30 points off the day's high of 19,515.38.
Asian stocks closed mostly higher on Friday despite lingering inflation concerns and soaring COVID-19 cases in China.
European stocks are down in negative territory with doubts over official Chinese Covid numbers and new regulations for travelers from China curbing investor optimism surrounding China's reopening.
An escalation in the Russia-Ukraine conflict and worries about aggressive policy tightening by central banks are also weighing on sentiment.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.27 or 0.34% at $78.13 a barrel.
Gold futures are up slightly at $1,826.50 an ounce, while Silver futures are lower by $0.150 or 0.62% at $24.100 an ounce.
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