Bay Street Likely To Open Lower

(RTTNews) - Canadian shares are likely to open with a negative bias Friday morning due to rising tensions between the U.S. and China and lingering worries about the economic impact of the coronavirus pandemic.

China has revoked the license of the U.S. consulate in Chengdu, saying it is a "legitimate and necessary response to the unreasonable actions of the United States." Just a couple of days ago, the U.S. government had ordered China to close its consulate in Houston, Texas.

The market ended notably lower on Thursday as stocks tumbled amid rising worries about economic outlook due to surging coronavirus cases. Disappointing earnings news hurt as well. The benchmark S&P/TSX Composite Index ended down 152.41 points or 0.94% at 16,018.65, nearly 50 points off the day's low of 15,969.83.

In company news, Yamana Gold Inc. (YRI.TO) reported that its second-quarter adjusted net earnings were $63.3 million or $0.07 per share compared to adjusted net earnings of $19.8 million or $0.02 per a year earlier.

Teck Resources (TECK.B.TO) reported adjusted basic earnings of C$0.17 per share for the second-quarter for the current year, compared with adjusted basic earnings of C$0.88 a year ago.

Asian stocks drifted lower on Friday, weighed down by weaker-than-expected U.S. employment data, concerns about rising U.S.-China tensions and the spread of coronavirus.

European stocks are notably lower amid an escalation in tensions between the U.S. and China.

In commodities, West Texas Intermediate crude oil futures for September are gaining $30 or 0.7% at $41.37 a barrel.

Gold futures for August are up $3.40 or 0.18% at $1,893.40 an ounce.

Silver futures for September are down $0.114 or 0.5% at $22.874 an ounce, while Copper futures for September are down $0.0470 or 1.6% at $2.8915 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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