(fxcue news) - Canadian shares may open higher on Thursday amid optimism about further easing by the Federal Reserve, and hopes of more stimulus from the Chinese government. Firm bullion prices may trigger strong buying in the materials section and contribute to market's rise. Investors will also be focusing on Fed Chair Jerome Powell's remarks at a Federal Reserve Bank of New York conference this morning. Data on Canadian average weekly earnings for the month of July, and a preliminary report on wholesale sales for the month of August, are due at 8:30 AM ET. Fortis Inc. (FTS.TO), a diversified regulated electric and gas utility holding company, Thursday announced its new 2025-2029 capital outlook of C$26 billion, C$1 billion higher than the previous five-year plan. "The increase is driven by projects associated with the Midcontinent Independent System Operator (MISO) long-range transmission plan (LRTP) and resiliency investments at ITC, as well as distribution investments largely due to customer growth at FortisAlberta," the company said in a statement. The Canadian market ended weak on Wednesday, coming off a new record high posted a session earlier. Losses in energy and consumer discretionary sectors weighed on the market. The mood remained cautious amid a lack of significant triggers. The benchmark S&P/TSX Composite Index, which advanced to 23,962.14 in early trades, dropped to a low of 23,876.85 around mid afternoon before settling at 23,905.88, losing 46.34 points or 0.19%. Asian stocks ended notably higher on Thursday as U.S. memory chip maker Micron forecast higher than expected first-quarter revenue and China's politburo vowed to step up fiscal support to stabilize the beleaguered property sector. Investor sentiment was also underpinned after the Organization for Economic Co-operation and Development (OECD) slightly raised its global economic growth forecast for 2024 and said it expects more Fed rate cuts next year. European stocks are up firmly in positive territory amid expectations of another big U.S. interest rate cut this year and optimism over fresh stimulus measures from China. Meanwhile, the Swiss National Bank reduced its key policy rate by 25 basis points for the third straight meeting and signaled that further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term. In economic releases, survey data published jointly by GfK and the Nuremberg Institute for Market Decisions showed that German consumer confidence will recover moderately in October despite weaker economic outlook. In commodities, West Texas Intermediate Crude oil futures are down $2.07 or 3.01% at $67.62 a barrel. Gold futures are gaining $21.60 or 0.8% at $2,706.20 an ounce, while Silver futures are gaining $0.837 or 2.6% at $32.855 an ounce.