Bay Street Likely To Open Notably Lower

(RTTNews) - Canadian shares look headed for a gap-down start Thursday morning, tracking weakness in Asian and European markets, and sharply lower U.S. futures and crude oil prices.

Rising concerns about the spread of coronavirus infections across the globe, new restrictions to curb the spread and fading hopes of U.S. fiscal stimulus are hitting the markets hard.

Weak Canadian private sector jobs data may also hurt. According to data released a little while ago, private businesses in Canada shed 240,800 jobs in the month of September, more than a loss of 205,000 jobs a month earlier.

Stocks ended weak on Wednesday after a highly lackluster session as surging coronavirus cases, disturbing news on the vaccine front and uncertainty about U.S. fiscal stimulus rendered the mood cautious.

The benchmark S&P/TSX Composite Index ended with a loss of 55.43 points or 0.34% at 16,455.40, after scaling a low of 16,436.79 and a high of 16,575.41 intraday.

Barrick Gold Corp. (ABX.TO) reported preliminary third quarter sales of 1.25 million ounces of gold and 116 million pounds of copper, as well as preliminary third quarter production of 1.16 million ounces of gold and 103 million pounds of copper. Gold production was slightly higher than the previous quarter, while copper production dropped from a quarter earlier.

Asian markets ended lower on Thursday as fading hopes of U.S. fiscal stimulus, Brexit woes, the U.S.-China tussle and fresh lockdown restrictions in parts of Europe dented risk appetite.

European shares are down sharply, weighed down by rising concerns about prospects for economic recovery amid surging coronavirus infections across the continent as well as tightened restrictions to battle the second wave of infections.

In commodities, West Texas Intermediate Crude oil futures for November are down $1.44 or 3.48% at $39.60 a barrel.

Gold futures are down $8.50 or 0.45% at $1,898.80 an ounce. Silver futures are lower by $0.575 or 2.36% at $23.830 an ounce, while Copper futures are down $0.0140 or 0.5% at $3.0365 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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