(RTTNews) - The Canadian market is likely to see a mixed start Thursday morning with investors reacting to the data on Canadian and U.S. GDP, and tracking commodity prices.
Final data on Canadian GDP, and a preliminary reading of Canadian GDP growth rate for the month of February are due at 8:30 AM ET.
Data on average weekly earnings in Canada for the month of January is also due at 8:30 AM ET.
A report from the Canadian Federation of Independent Business said that its business barometer in Canada, a long-term index reflecting 12-month forward expectations for business performance in the country, fell to 52.7 in March, from an upwardly revised 55.1 in February.
On Friday, which will be a holiday for global markets, the Fed's preferred measure, the PCE inflation reading is due.
BRP Inc. (DOO.TO) reported net income of C$188.2 million or C$2.46 per share for the fourth quarter, lower than C$365.1 million or C$4.54 per share in the same quarter a year ago. Revenue for the quarter declined to C$2.692 billion from C$3.076 billion in the previous year.
For fiscal 2025, BRP expects normalized earnings per share to be in the range of $7.25 to $8.25. Revenue for the year is expected between $9.1 billion and $9.5 billion.
The Canadian market ended on a firm note on Wednesday thanks to sustained buying at several counters in healthcare and materials sectors. The mood remained positive amid optimism several central banks will start cutting rates from the second half of the year.
The benchmark S&P/TSX Composite Index ended up by 194.56 points or 0.89% at 22,107.08, the day's high.
Asian stocks ended mixed on Thursday. The Japanese market fell sharply with its benchmark dropping about 1.46%. Australia's S&P/ASX 200, which hit a record high, ended nearly 1% up. India, Shanghai and Hong Kong markets closed higher, while the South Korean market ended weak.
European stocks are modestly higher in cautious trade, ahead of a long weekend. Data showed the U.K. economy fell into a recession in 2023 with a 0.3% contraction in the final quarter.
In commodities, West Texas Intermediate crude oil futures are up $1.11 or 1.36% at $82.47 a barrel.
Gold futures are gaining $22.50 or 1.02% at $2,235.20 an ounce, while Silver futures are down $0.032 or 0.13% at $24.720 an ounce.
