July 7, 2022

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Canadian Shares Likely To Open On Mixed Note

2 min read

Canadian shares are likely to open on a mixed note on Friday. Commodity prices and U.S. jobs data are likely to set the trend for stocks early on in the session.

Concerns about the impact of the ongoing war in Ukraine are likey to weigh as well.

A reading on Canadian Manufacturing PMI for the month of March is due at 9:30 AM ET. The IHS Markit Canada Manufacturing PMI edged up to a three-month high of 56.6 in February of 2022, from a six-month low of 56.2 in January, marking the 20th back-to-back monthly expansion.

The Canadian stock market pared early gains and ended weak, as worries about growth due to the ongoing war in Ukraine, and fears of aggressive monetary tightening by the Federal Reserve and other central banks rendered the mood cautious.

The benchmark S&P/TSX Composite Index ended with a loss of 185.50 points or 0.84% at 21,890.16, the day’s low. The index touched a high of 22,181.75 in the session.

Asian stocks turned in a mixed performance on Friday after reports suggested that Russian forces have been repositioning with the goal of focusing on securing the separatist republics in Ukraine’s eastern Donbas region. Disappointing economic data from China and Japan also clouded the outlook for already fragile global growth.

European stocks are modestly higher in cautious trade after Ukraine’s President Volodymyr Zelensky warned that Russia is consolidating and preparing “powerful strikes” in the country’s east and south, including besieged Mariupol.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.72 or 1.72% at $98.56 a barrel.

Gold futures are sliding $21.00 or 1.07% at $1,933.00 an ounce, while Silver futures are lower by $0.283 or 1.1% at $24.850 an ounce.

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2022-04-01 08:24:11

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