Canadian Stocks Poised For Sluggish Start -- Canadian Commentary

(RTTNews) - Canadian stocks look headed for a weak start Friday, tracking a sell-off in global markets.

Worries about Chinese growth and just-released data showing a significant uptick in U.S. inflation could hit stocks for a second day in a row.

On Thursday, the benchmark S&P/TSX Composite Index closed Thursday at 14,308.00, down 127.58 points or 0.88 percent. The index scaled an intraday high of 14,444.94 and a low of 14,266.57.

In corporate news, Finning International Inc. (FTT.TO) said that it expects consolidated revenues for the first quarter of 2014 to be approximately C$1.676 billion, up 8% over prior year quarter.

Entrec Corp. (ENT.V) has lowered its revenue guidance for the year ending December 31, 2014 to a range of C$230 - C$250 million from previous estimate of C$250 million - C$270 million.

In commodities, crude oil prices are lower with weak Chinese trade data raising concerns about a possible drop in demand for oil. However, possible supply disruptions from Russia due to the ongoing conflict in Ukraine and a likely delay in the reopening of Libyan ports are limiting oil's slide.

Crude oil futures for May delivery are down $0.14 or 0.13 percent at $103.27, coming off a low of $103.02.

Natural gas for May is down $0.016 or 0.34 percent at $4.639 per million btu.

Meanwhile, gold prices are little changed, after rising to three-week highs in the previous session amid expectations that the Federal Reserve will keep low rates through 2015 and on volatility in global equity markets.

Gold for June delivery is down $0.50 or 0.04 percent at $1,320.00 an ounce.

Silver for May is down $0.066 or 0.33 percent at $20.025 an ounce, swinging between $19.913 and $20.127 an ounce.

Meanwhile, copper is up $0.015 or 0.49 percent at $3.060 per pound.

In economic news from the U.S., the Labor Department said its producer price index for final demand advanced by 0.5 percent in March after edging down by 0.1 percent in February. Economists had been expecting the index to tick up by 0.1 percent.

Core producer prices, which exclude food and energy, also rose by 0.6 percent in March following a 0.2 percent drop in the previous month. Core prices had been expected to rise by 0.2 percent.

Import prices in the U.S. too were up more than expected in the month of March, rising 0.6 percent, after climbing 0.9 percent in February, the Labor Department revealed in a report. Economists had expected import prices to tick up by 0.2 percent.

The results of preliminary consumer sentiment survey by Reuters and the University of Michigan will be out at 9:55 am ET. The index is seen edging to 81 in April from 80 in the previous month.

Asian markets ended weak. Major European markets are notably lower, tracking Wall Street's fall on Thursday and amid valuation concerns for technology stocks.