Canadian Stocks May Struggle On Weak Global Clues -- Canadian Commentary

(RTTNews) - Canadian stocks look set for a quiet start Friday with investors reacting to the first quarter Canadian GDP data and the report on raw materials prices.

According to the data released a little while ago, Canada's economy grew 1.2 percent in the first quarter, after seeing a 2.7 percent growth in previous quarter.

Investors will also be reacting to the latest batch of economic data from the U.S., including the reports on consumer confidence and spending.

Weakness in European markets could weigh to an extent.

Gold and energy stocks are likely to swing between gains and losses, tracking sluggish commodity prices.

The benchmark S&P/TSX Composite Index ended down 22.01 points or 0.15 percent at 14,588.95 on Thursday.

Turquoise Hill Resources (TRQ.TO) has appointed Steeve Thibeault as Chief Financial Officer effective June 1. Thibeault, who has over 30 years extensive financial and corporate experience, will replace Chris Bateman.

In commodities, crude oil futures for July are down $0.52 or 0.5 percent at $103.06 a barrel.

Natural gas for July is down $0.07 or 0.15 percent at $4.552 per million btu.

Gold futures for August are down $3.70 or 0.29 percent at $1,253.40 an ounce.

Silver for July is up marginally at $19.017 an ounce.

Meanwhile, copper is up $0.014 or 0.45 percent at $3.159 per pound,

In the currency market, the Canadian loonie is trading at 1.0857 against the U.S. dollar, down 0.19 percent from previous close.

In economic news from the U.S., data released by the Commerce Department showed consumer spending to have declined by a seasonally adjusted 0.1 percent in April. Meanwhile, personal income rose 0.3 percent in April as expected, rising for the fourth straight month.

The report on Chicago area manufacturing activity is due at 9:45 am ET. A little later, at 9:55 am ET, the University of Michigan's report on consumer confidence will be out.