(fxcue news) - Weak commodity prices point to a lower opening for Canadian shares on Thursday, but bargain hunting after previous session's sharp setback may help limit market's downside, and might even lift prices of some severely battered stocks. Canadian retail sales data for the month of October is due on Friday. 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%. Data on average weekly earnings for the month of October is due at 8:30 AM ET. Canadian stocks tumbled on a severe bout of selling pressure on Wednesday, pushing the benchmark S&P/TSX Composite Index to a six-week low, as political uncertainty and fears of tariff war rendered the mood bearish. Selling pressure gathered greater force past mid afternoon after the Federal Reserve signaled fewer interest rate cuts next year than earlier expected. The Fed, which cut interest rate by 25 basis points as widely expected, but the central bank's latest projections suggest rates will be in a range of 3.75 to 4% by the end of 2025 compared to the range of 3.25 to 3.5% forecast in September. The S&P/TSX Composite Index settled at 24,557.00, losing 562.71 points or 2.24%, one of the biggest single-session drop in several months. Asian stocks closed weak on Thursday after the U.S. Federal Reserve warned it would be cautious about more interest rate cuts in the face of inflation concerns. European stocks are down firmly in negative territory today after the Fed cut rates expected on Wednesday, and penciled just two reductions for 2025, fewer than four seen in September. Meanwhile, the Bank of England has left rates unchanged as widely expected, after the nation's inflation rose to an eight-month higher in November. In commodities, West Texas Intermediate Crude oil futures are down $0.17 or 0.25% at $70.41 a barrel. Gold futures are down $25.10 or 0.95% at $2,628.20 an ounce, while Silver futures are lower by $0.810 or about 2.7% at $29.930 an ounce.