Markets

TSX May Open Lower After U.S. Economic Data

Canada's benchmark index looked set to open lower on Thursday, mirroring U.S. markets, after disappointing economic data out of the U.S.

Stock futures for the December quarter on the S&P TSX index were down 0.1% recently.

Data revealed that the initial number of Americans who had filed for unemployment benefits grew 12,000 to 272,000, which was more than the consensus of 268,000. Also, U.S. Q3 GDP growth is expected to slow due to the impact of Hurricanes Harvey and Irma.

In commodities, NYMEX crude rallied to five-plus month highs of $52.86, as middle-east geopolitics crept into market thinking. Iraqi Kurdistan's independence vote earlier this week has resulted in Turkey threatening to close an oil terminal, at which 500,000 barrels of Kurdistan crude is exported daily. Meanwhile, gold was in the red, and Action Economics said risk appetite improves on hopes for a U.S. tax reform package, and as the market anticipates a December rate hike.

The TSX gained 135 points on Wednesday, paced by better than 1% increases in tech, healthcare, consumer staples, industrials, and financials.

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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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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