Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian stocks are likely to open on a mixed note Thursday morning with investors focusing geopolitical news.

While news about Lebanon and Israel agreeing to implement ceasefire is likely to aid sentiment, concerns about the ongoing tensions in the Middle East due to strikes by U.S. and Iranian forces could hurt, forcing investors to stay cautious.

Canadian stocks tumbled on Wednesday after new attacks in the Middle East stalled the signing of a U.S.-Iran peace agreement, delaying the reopening of the Strait of Hormuz.

The benchmark S&P/TSX Composite Index traded firmly negative throughout the session before settling at 34,801.54, down by 367.92 points or 1.05%.

Asian stocks closed weak as investors pulled back from technology and semiconductor shares following a weak forecast from U.S. chipmaker Broadcom. Concerns about inflation and interest rates due to elevated oil prices amid ongoing tensions between U.S. and Iran weighed as well on sentiment.

Among the major markets in Europe, Germany and France are up in positive territory with notable gains with investors reacting to Israel and Lebanon agreeing to implement ceasefire. The UK market is down, weighed down by losses in mining, energy and financials sectors.

In commodities trading, West Texas Intermediate crude oil futures are down $3.03 or 3.2% at $92.99 a barrel.

Gold futures are up $63.10 or 1.4% at $4,530.00 an ounce, while Silver futures are gaining $0.821 or about 1.1% at $74.515 an ounce.