September 27, 2022

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Bay Street Seen Opening With Negative Bias

2 min read

Canadian shares are likely to open with a negative bias Wednesday morning, weighed down by losses in European markets and on lingering worries about global economic slowdown and rising inflation.

Dollarama Inc (DOL.TO) reported first quarter net earnings of $145.5 million, or $0.49 per diluted common share, compared to $113 .6 million, or $0.37 per diluted common share, in the first quarter of the previous financial year.

The Canadian market shrugged off a weak start and moved higher on Tuesday, led by strong gains in energy, healthcare and communications shares.

The mood, however, remained cautious amid lingering worries about global economic slowdown, rising inflation and fears about monetary tightening by central banks.

The benchmark S&P/TSX Composite Index ended higher by 109.12 points or 0.52% at 20,928.21.

Asian stocks ended broadly higher on Wednesday despite growing worries that aggressive central bank policy tightening will dent global growth. The World Bank on Tuesday slashed its forecast for global growth in 2022 further, saying the war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth.

European stocks are firmly down in negative territory, weighed down by downward revisions in global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development.

Data showing a less than expected growth in Germany’s industrial production in April is hurting as well.

In commodities trading, West Texas Intermediate Crude oil futures are gaining $1.37 or 1.15% at $120.78 a barrel.

Gold futures are up $1.50 or 0.08% at $1,853.60 an ounce, while Silver futures are down $0.228 or 1.02% at $21.950 an ounce.

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2022-06-08 08:32:25

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