Bay Street Looks Headed For Weak Start

2024-12-16 4568
(fxcue news) - Lower U.S. and Canadian futures, a sell-off in European markets and weak crude oil prices point to a negative start for the Canadian market on Friday. Fears of a U.S. government shutdown and tariff hike concerns may weigh as well. Canadian retail sales data and U.S. PCE reading are set to significantly impact sentiment. Canadian retail sales data for the month of October is due at 8:30 AM ET. The U.S. Personal Consumption Expenditure data, the Fed's preferred inflation measure, is also due this morning. The data is expected to play a crucial role in shaping the U.S. central bank's rate path under the incoming Trump administration. Retail sales are expected to have surged by 0.7% from the previous month in October, according to flash estimate. Retail sales in Canada rose by 0.8% year-on-year in September, following a 1.4% increase in the previous month. On monthly basis, retail sales rose by 0.4% in September, revised upward from the preliminary estimate of 0.3%. Africa Energy Corp., a Canadian oil and gas exploration company, Friday announced that it has entered into a non-binding agreement with Arostyle Investments Proprietary Ltd. to restructure their joint investment in Main Street 1549 Proprietary Ltd. The Canadian market closed weak on Thursday, falling for the sixth consecutive session, as fears of tariff hikes, hawkish comments from the Federal Reserve, and concerns about economic slowdown rendered the mood bearish once again. Rising bond yields weighed as well. The benchmark S&P/TSX Composite Index settled with a loss of 143.06 points or 0.58% at 24,413.94, falling further from a historic high of 25,842.20 it scaled in the second week of September this year. Asian stocks turned in a mixed performance on Friday as concerns persisted about the Federal Reserve's rate trajectory and the U.S. faced a government shutdown after President-elect Donald Trump abruptly rejected a bipartisan plan. European stocks are down sharply on fears of a U.S. government shutdown and President-elect Donald Trump's warning of potential tariffs on the European Union if the bloc does not cut its growing deficit with the U.S. by making large oil and gas trades. Weaker-than-expected UK retail sales data is also weighing on the markets. In commodities, West Texas Intermediate Crude oil futures are down $0.66 or 0.95% at $68.72 a barrel. Gold futures are gaining $12.00 or 0.47% at $2,620.10 an ounce, while Silver futures are down $0.126 or 0.43% at $29.285 an ounce.
Sign In via X Google Sign In via Google
This page link:http://www.fxcue.com/343642.html
Tips:This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement:Contact us if the content violates the law or your rights

Please sign in

关注我们的公众号

微信公众号