Bay Street Likely To Open On Negative Note

(RTTNews) - Lower U.S. and Canadian futures, weak commodity prices and uncertainty about U.S. trade policies may weigh on Canadian market and set up a weak start on Thursday.

Also, some profit taking after seven successive days of increase could weaken several stocks.

West Texas Intermediate Crude oil futures are down $2.26 or 3.56% at $60.89 a barrel.

Gold futures are lower by $9.00 or 0.28% at 3,179.30, while Silver futures are down $0.219 or 0.68% at 32.225 an ounce.

The Canadian market closed modesty higher on Wednesday, led by gains in industrials and technology sectors. The benchmark S&P/TSX Composite Index ended up 75.59 points or 0.3% at 25,692.45.

On the economic front today, data from Canada Mortgage and Housing Corporation showed housing starts in Canada increased to 278,600 units in April from 214,200 units in March.

Manufacturing sales in Canada decreased to -1.4% in March from 0.2% in February. Wholesale sales in Canada dropped to 0.2% in March from 0.3% in February, data from Statistics Canada showed.

Asian stocks remained subdued as investors digested the latest actions on the trade tariff front, and waited for further developments in negotiations as well as progress in the Iran nuclear deal.

European stocks are turning in a mixed performance in cautious trade with investors assessing earnings updates and the recent developments on the trade front, including U.S.-China deal.