Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian shares are likely to open lower on Friday, tracking weak bullion prices and sluggish European markets.

Concerns about slowing growth and uncertainty about interest rates are likely to hurt as well.

Data on Canadian retail sales for the month of February is due at 8:30 AM ET. Retail sales in Canada likely fell 0.6% month-over-month in February 0f 2023, according to preliminary estimates. Considering January, retail sales increased by 1.4% from a month earlier.

The Canadian market ended modestly lower on Thursday, weighed down by losses in energy and technology sectors.

The mood remained cautious amid concerns about a potential recession in the U.S. later this year. Mixed earnings updates and weak economic data from the U.S. weighed as well.

The benchmark S&P/TSX Composite Index ended down with a loss of 50.14 points or 0.24% at 20,630.69.

Asian stocks ended weak on Friday as U.S. earnings and economic data showed signs of weakness. A fight over raising the U.S. debt ceiling and increasing Sino-U.S. tensions also weighed on markets, heading into the weekend.

European stocks are turning in a mixed performance with investors digesting the latest batch of economic data from the region, and tracking earnings updates.

Data from the HCOB Flash Eurozone purchasing managers' index (PMI) survey published by S&P Global rose to 54.4 in April from 53.7 in March.

Elsewhere, U.K. retail sales contracted more than expected in March, while a measure of consumer confidence in the country improved for a third month in a row in April, separate reports showed.

In commodities, West Texas Intermediate Crude oil futures are up $0.20 or 0.26% at $77.57 a barrel.

Gold futures are down $21.00 or 1.05% at $1,998.10 an ounce, while Silver futures are lower by $0.143 or 0.56% at $25.230 an ounce.