Bay Street Likely To Open On Cautious Note

(RTTNews) - Canadian shares are likely to turn in a mixed performance Thursday morning, as investors may tread cautiously due to fading optimism about U.S.-China trade talks, the abrupt end to talks between the U.S. and North Korean leaders and mounting geopolitical tensions.

Activity is likely to be largely stock specific with investors focusing on earnings reports and other corporate news.

On Wednesday, the benchmark S&P/TSX Composite Index ended up 6.39 points, or 0.04%, at 16,074.30, slightly off the day's high of 16,077.61. The index dropped to a low of 15,990.30 early on in the session.

In company news, Toronto-Dominion Bank reported adjusted net earnings of $2.95 billion for the first quarter, relatively flat compared with the same period a year earlier. Adjusted earnings per diluted share was $1.57, up from $1.56 a year earlier, but was notably lower than what analyts had expected.

Whitecap Resources Inc. (WCP.TO) reported net income of $6.97 million for the quarter ended December 2018, as against net loss of $231 millilon in the year-ago quarter.

Maple Leaf Foods Inc. (MFI.TO) said it posted net earnings of $11.9 million ($0.10 per basic share) in the quarter ended December 2018, compared to $59.1 million ($0.47 per basic share) in the same period last year.

Quarterhill Inc. (QTRH.TO) sait it recorded net loss $19.9 million, or $0.17 per basic and diluted Common Share in the quarter ended December 2018, compared to net loss of $12.4 million, or $0.10 per basic and diluted Common Share, in the same period last year.

Asian markets ended mostly lower on Thursday as comments by U.S. Trade Representative Robert Lighthizer dampened recent optimism about the U.S.-China trade talks.

Weak data from China and news that U.S. President Donald Trump and North Korean leader Kim Jong Un have abruptly ended summit talks earlier than scheduled too weighed on sentiment.

European markets were mostly lower amid fading optimism about U.S.-China trade talks and the abrupt end to the summit talks between Trump and Kim Jong.

Economic data out of the U.S. may provide some direction to the market. The fourth quarter GDP data is due at 8:30 AM ET.

Reports on weekly jobless claims and the Chicago PMI survey are also due this morning.

Speeches by Federal Reserve officials will be keenly watched.

In commodities, crude oil futures for April were little changed at $56.91 a barrel.

Gold futures for April were gaining $5.70, or 0.43%, at $1,326.90 an ounce.

Silver futures for March were up $0.078, or 0.515, at $15.750 an ounce, while Copper futures for March were declining $0.007, or 0.25%, at $2.955 per pound.
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