June 23, 2024

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Canadian Market Likely To Open On Subdued Note

2 min read

It’s likely to be a subdued start for stocks on Bay Street on Thursday amid a lack of fresh triggers. The U.S. market is closed today for Thanksgiving Day, and European stocks are somewhat flat with investors looking for direction.

The Canadian market ended flat on Wednesday after a mixed performance, with investors largely making cautious moves.

The benchmark S&P/TSX Composite Index ended with a small gain of 3.99 points or 0.02% at 20,113.96, after scaling a lw of 20,048.89 and a high of 20,168.67 intraday.

Asian stocks held recent gains in thin holiday trade on Thursday, with Japanese markets closed on account of Workers Day.

Underlying sentiment remained supported somewhat on expectations that the rate-hike cycle has ended globally and rate cuts might begin next year.

European stocks are slightly higher after a survey showed the euro area economy continued to contract in November, albeit at a slower pace with improvements seen across all sectors.

ECB Governing Council member Joachim Nagel indicated at an event in Milan that the European Central Bank might be nearing its terminal rate for interest rate hikes.

Meanwhile, the minutes from ECB’s October meeting showed the policymakers insisted that a further rate hike should be kept on the table, even if further tightening was not their main scenario.

In commodities, West Texas Intermediate Crude oil futures are down $0.61 or 0.79% at $76.49 a barrel.

Gold futures are up marginally at $1,993.30 an ounce, while Silver futures are up $0.022 or 0.09% at $23.710 an ounce.

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2023-11-23 08:06:05

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