Bay Street Headed For Weak Start

(RTTNews) - Canadian shares look headed for a negative opening on Friday, tracking weakness in global markets due to rising worries about economic growth. A sharp fall in crude oil prices and reports that the U.S. and China have yet to set a date for a summit to resolve their trade dispute may also hurt sentiment.

The market will also be reacting to housing starts and jobs data, due at 8.15 AM ET and 8:30 AM ET respectively.

The U.S. jobs data is due at 8:30 AM ET. Housing starts and wholesales sales reports are also due at 8:30 AM ET.

On Thursday, the benchmark S&P/TSX Composite Index ended down 35.56 points, or 0.22%, at 16,056.51, after scaling a low of 15,981.81 and a high of 16,085.39 in the session.

In company news, Ensign Energy Services Inc. (ESI.TO) reported net income of $58.3 million ($0.37 per common share), for 2018, compared to net loss attributed to shareholders of $37.6 million ($0.24 per common share) for the year ended December 31, 2017.

Goldcorp Inc. (G.TO), Yamana Gold Inc. (YRI.TO) and Glencore International AG announced that they have signed an integration agreement to develop and operate the Agua Rica project, using the existing infrastructure and facilities of Minera Alumbrera Limited in the Catamarca Province of Argentina.

Enghouse Systems Limited (ENGH.TO) reported first quarter net income of $15.0 million or $0.27 per diluted share compared to $6.8 million or $0.12 per diluted share in the prior year's first quarter. Last year's first quarter included a one-time charge of U.S. $6.2 million to reflect the impact of United States Tax Reform, Enghouse said.

Asian markets declined sharply on Friday after the European Central Bank downgraded its 2019 GDP forecast and China reported worse than expected trade data for the month of February. China's Shanghai Composite index fell as much as 136.56 points or 4.4%.

European stocks were drifting lower amid cautious moves ahead of U.S. jobs data. Investors remained concerned about weakening global growth after the European Central Bank ramped up its stimulus program and China reported worse than expected trade data.

In commodities, crude oil futures for April were sliding $1.21, or 2.1%, at $55.45 a barrel.

Gold futures for April were gaining $8.40, or 0.7%, at $1,294.50 an ounce.

Silver futures for May were up $0.10, or 0.66%, at $15.140 an ounce, while Copper futures for May were down $0.0285, or 0.98%, at $2.8820 per pound.
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