TSX May Open Slightly Changed After GDP Data, Mixed Commodities

The TSX looked set to open slightly changed after disappointing Canadian GDP data, with precious metals and oil prices going on opposite directions.

After rising for eight consecutive months, real gross domestic product was essentially unchanged in July as 11 of 20 industrial sectors grew, Statistics Canada reported. Analysts expected a 0.1% gain. Year-over-year, GDP was up 3.8%, slightly below expectations of 3.9%.

In commodities, oil prices were near flat, and Action Economics ( AE ) said broad pickup in global demand, along with the OPEC-led supply curtailment, have helped right the imbalance that was dogging crude markets in recent years. A potential supply disruption of Kurdish oil to Turkey has been in the mix this week.

Meanwhile, gold and silver were in the green after AE said the dollar fell following the personal income, consumption and chain price figures, which were generally light of expectations.

The TSX gained 8 points on Thursday, with tech stocks leading the advance.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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