Futures tracking Canada's blue-chip stocks retreated on Thursday as a sharp rise in global government bond yields weighed on sentiment, while investors awaited retail sales data for clues on the health of Canadian consumers.
The TSX dumped 584.18 points, or 1.6%, to greet the closing bell Wednesday at 35,751.43
The Canadian dollar inched down 0.06 cents to 70.84 cents U.S.
December futures gave back 0.5% Thursday morning.
In company news, communications and software firm BlackBerry is scheduled to report quarterly results on Thursday.
On the economic slate, Statistics Canada says the number of employees receiving pay and benefits from their employer was up by 26,100 (+0.1%) in July, following three consecutive increases from March to June, totalling 124,200 (+0.7%). On a year-over-year basis, payroll employment was up 171,900 (+0.9%) in July.
Retail sales decreased 0.7% to $73.7 billion in July. Sales were down in eight of nine subsectors, led by declines at general merchandise retailers.
ON BAYSTREET
The TSX Venture Exchange skidded 15.07 points, or 1.6%, to conclude the session at 924.73.
ON WALLSTREET
Stock futures fell on Thursday as Treasury yields kept marching higher, with traders anticipating further rate hikes from the Federal Reserve.
Futures for the Dow Jones Industrials slid 160 points, or 0.3%, to 51,713.
Futures for the S&P 500 gained 42 points, or 0.5%, to 7,730.50.
Futures for the NASDAQ Composite slumbered 307.50 points, or 1%. to 30,457.25.
The 30-year Treasury bond yield touched 5.446%, a level not seen since June 2004. The benchmark 10-year Treasury note yield, which is tied to rates on mortgages, surged to 5.15%, near levels not reached since July 2007.
Darden Restaurants, the parent of Olive Garden and LongHorn, shed 6.6% on the back of its fiscal first-quarter results.
MGM Resorts International shares tumbled more than 9% after Barry Diller’s People withdrew its proposal to buy the casino giant.
Oil prices fell 33 cents to $90.19 U.S. a barrel.
Gold prices handed back $18.00 to $4,300.40 U.S an ounce.
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