Bay Street Seen Opening On Mixed Note

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(RTTNews) - Canadian shares are likely to open on a mixed note Friday morning with investors reacting to the latest batch of Canadian economic data, and tracking commodity prices.

Data on Canadian producer and raw materials prices for the month of August is due at 8:30 AM ET.

A report on new housing prices for the month of August, and retail sales in the month of July, are also due at 8:30 AM ET.

The Canadian market rose to a new record high on Thursday as investors cheered the Federal Reserve's decision to cut interest rates by 50 basis points. Higher crude oil and gold prices triggered strong buying in energy and materials stocks, contributing to market's upmove. Technology stocks turned in a fine performance.

The benchmark S&P/TSX Composite Index hit a new record high of 23,909.53, and ended with a gain of 273.67 points or 1.16% at 23,866.27, a fresh record closing high.

Asian stocks closed broadly higher on Friday, although most of the markets in the region turned a bit subdued and pared early gains as the day progressed. The undertone remained positive, with investors continuing to cheer the Federal Reserve's decision to cut interest rates by 50 basis points.

The major European markets are down in negative territory on Friday with investors assessing the likely impact of the monetary policy and interest-rate moves of major central banks on the economy.

Automobile stocks are among the notable losers. Shares from the luxury and consumer durable sectors are also finding the going a bit tough so far.

In commodities, West Texas Intermediate Crude oil futures are down $0.21 or 0.29% at $71.74 a barrel.

Gold futures are gaining $27.00 or 1.04% at $2,641.70 an ounce, while Silver futures are up $0.237 or 0.75% at $31.660 an ounce.

TSX Ends Notably Lower As Stocks Drop On Interest Rate Concerns

The Canadian market closed notably lower on Friday, hurt by rising bond yields, and fading optimism about interest rate cuts by the Federal Reserve after data showed stronger-than-expected growth in U.S. non-farm payroll employment. Canadian employment data too came in stronger than expected, reducing prospects of any significant monetary easing by the Bank of Canada.

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Dollar Climbs Higher After Buoyant Jobs Data

The U.S. dollar firmed against its major counterparts on Friday amid fading hopes of further reductions in interest rates after data from the Labor Department showed stronger-than-expected growth in non-farm payroll employment in the month of December.

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U.S. Stocks Close Sharply Lower As Strong Jobs Data Raises Interest Rate Concerns

U.S. stocks tumbled on Friday due to heavy selling across the board as buoyant non-farm payroll data raised concerns that the Federal Reserve will likely hold interest rates at current levels or slow down the pace of reductions. Rising bond yields hurt as well.

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Swiss Market Ends Notably Lower

The Switzerland market settled notably lower on Friday, in line with markets across Europe, as upbeat U.S. jobs data raised concerns that the Federal Reserve will likely hold interest rates unchanged from current levels, or go slow on interest rate cuts this year. Data showing an increase in Swiss unemployment weighed as well.

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U.S. Dollar Firms As Strong Jobs Data Dampens Rate Cut Hopes

The U.S. dollar climbed against its most major counterparts in the New York session on Friday, as stronger-than-expected jobs data for December strengthened expectations that the Federal Reserve will hold rates steady for sometime.

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European Stocks Close Lower As Strong U.S. Jobs Data Fuels Interest Rate Concerns

European stocks closed lower on Friday after stronger-than-expected U.S. jobs data raised concerns that the Federal Reserve will hold interest rates at current levels for longer. Higher Euro zone bond yields, and potential tariff hikes by the U.S. weighed as well on investor sentiment.

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Canadian Stocks Tumble As Upbeat Jobs Data Raises Interest Rate Concerns

Canadian stocks are down sharply on Friday with stronger-than-expected U.S. jobs data raising concerns that the Federal Reserve will likely hold interest rates unchanged from current levels for sometime. Also, a buoyant Canadian employment reports has dimmed the prospects for further easing by the Canadian central bank for now.

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U.S. Consumer Sentiment Edges Lower In January As Inflation Expectations Surge

Consumer sentiment in the U.S. has unexpectedly seen a modest deterioration in the month of January, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index edged down to 73.2 in January from 74.0 in December. Economists had expected the index to inch up to 74.5.

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