Canadian shares are likely to open on mixed note Thursday morning, tracking commodity prices and reacting to earnings updates.
Worries about economic slowdown may weigh on sentiment and limit market's upside.
Canadian Tire Corporation (CTC.TO) said it posted consolidated income (before taxes) of $66.6 million in the first quarter of 2023, a decrease of $228.3 million compared to the prior year, with Financial Services segment income offset by a loss of $79.3 million in the Retail segment.
Algonquin Power & Utilities Corp (AQN.TO) reported adjusted net earnings of $119.9 million in the first quarter of 2023, down 15% from a year ago.
Quebecor Inc (QBR.A.TO) reported adjusted EBITDA of $442.8 million for the first qurter of 2023, up $0.7 million (0.2%) compared with the same period in 2022.
Maple Leaf Foods Inc (MFI.TO) reported net loss of $57.7 million for the quarter ended March 2023, as against net income of $13.7 million in the year-ago quarter.
Amynta Group, Brit Ltd., a subsidiary of Fairfax Financial Holdings Limited (FFH.TO), and Fairfax have announced the successful completion of the previously announced acquisition of Ambridge Group from Brit for a purchase price of $400 million.
Canadian stocks failed to hold early gains and ended weak on Wednesday. The benchmark S&P/TSX Composite Index fell 86.42 points or 0.4% to 20,499.31.
The initial strength came following the release of a report showing a modest slowdown in the annual rate of U.S. consumer price growth in the month of April. However, buying interest waned within the next few minutes as worries about a potential recession in the U.S.
Asian stocks ended mostly lower on Thursday as investors reacted to a mixed bag of corporate earnings from Japan and signs of growing deflationary pressures in China. The impasse over the U.S. debt ceiling overshadowed softer-than-expected U.S. inflation data.
A measure of Chinese consumer price inflation reached its lowest level in more than two years in April and factory gate deflation deepened, raising fresh worries about weak demand in the country.
European stocks have pared early gains and are broadly lower in afternoon trades after the Bank of England raised its benchmark interest rate by 25 basis points, and said the MPC will adjust Bank Rate as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit.
In commodities, West Texas Intermediate Crude oil futures are down $0.28 or 0.39% at $72.28 a barrel.
Gold futures are up $5.50 or 0.28% at $2,042.60 an ounce, while Silver futures are down $0.498 or 1.94% at $25.160 an ounce.
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