Bay Street Seen Opening Lower On Weak Commodity Prices, Global Cues

Bay Street Seen Opening Lower On Weak Commodity Prices, Global Cues

Lower futures amid falling commodity prices, weak global cues and looming interest rate hikes are set to weigh down Canadian stocks Friday morning.

Data on Canadian retail sales for the month of February is due at 8:30 AM ET. Retail sales in Canada likely declined by 0.5% month-over-month in February of 2022, preliminary estimates showed.

In January, retail sales rose 3.2% over a month earlier, as against preliminary estimates of a 2.4% increase and compared to an upwardly revised 2% fall in December.

A report on industrial produce prices and raw materials prices in Canada for the month of March is also due at 8:30 AM ET.

The Canadian market ended sharply lower on Thursday, weighed down by sharp losses in materials, energy and technology sectors.

Rising inflation, slowing growth and tighter monetary policy rendered the mood bearish. The benchmark S&P/TSX Composite Index ended with a loss of 347.97 points or 1.58% at 21,650.41.