Canadian shares look headed for a weak start Friday morning, tracking falling commodity prices and weakness in European markets amid mounting concerns about rising bond yields and worries about an imminent inflation.
The market will also be reacting to data on producer prices and raw materials prices for the month of January, due out at 8:30 AM ET.
The Canadian market ended sharply lower on Thursday, weighed down by losses in energy, materials, technology and healthcare sections. The benchmark S&P/TSX Composite Index ended down 260.99 points or 1.41% at 18,223.54, about 76 points off the day's low.
Bausch Health Companies Inc. (BHC.TO) today announced it will reduce debt by $100 million through the redemption of outstanding senior secured notes, using cash generated from operations.
Asian markets ended sharply lower on Friday as stocks tumbled to one-month lows as a rout in global bond markets sent yields flying and sapped investors' appetite for riskier assets.
European stocks are languishing in negative territory with notable losses despite coming off early lows. Rising concerns about inflation and higher Treasury yields weigh on stocks.
In commodities, West Texas Intermediate Crude oil futures are down $1.17 or 1.82% at $62.36 a barrel.
Gold futures are sliding $16.10 or 0.9% at $1,759.30 an ounce, while Silver futures are down $0.867 or 3.14% at $26.770 an ounce.
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