Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares may open on a subdued note Thursday morning with investors awaiting U.S. personal consumption expenditure data, due on Friday, for clues about the outlook for Federal Reserve's interest rates.

Data on Canadian average weekly earnings for the month of April is due at 8:30 AM ET.

BlackBerry Ltd. (BB.TO) reported an adjusted net loss of 3 cents per share for the quarter ended May 31, compared with analysts' average estimate of a loss of 4 cents. The company expects second-quarter revenue in the range of $136 million to $144 million, whose mid-point is below analysts' estimate of $142.4 million.

The Canadian market ended with a small gain on Wednesday, as stocks recovered gradually after an early setback, with those from the materials sector performing well and contributing to the rise from lower levels.

The mood remained cautious with investors awaiting some crucial U.S. data, including a report on consumer income and spending, for more clarity about the outlook for Federal Reserve's interest rates.

The benchmark S&P/TSX Composite Index, which dropped to 21,680.82 in early trades, ended the day's session at 21,793.90, with a gain of 5.42 points or 0.02%.

Asian stocks declined on Thursday as Chinese industrial profits data disappointed and the yen's slide past 160-per-dollar prompted fears of government intervention.

Tech stocks resumed declines as U.S. chipmaker Micron Technology beat estimates for third-quarter revenue but offered a somewhat middling outlook on earnings.

The U.S. dollar hit a 38-year high versus the yen and bond yields spiked due to nervousness ahead of a major U.S. presidential debate in Atlanta later in the day and the release of U.S. PCE inflation data on Friday.

European stocks are weak, weighed down by concerns about inflation, and uncertainty about the outlook for U.S. interest rates.

In commodities, West Texas Intermediate crude oil futures are up $0.58 or 0.72% at $81.48 a barrel.

Gold futures are gaining $14.30 0r 0.63% at $2,327.50 an ounce, while Silver futures are down $0.035 or 0.11% at $28.895 an ounce.