Bay Street Likely To Open Higher
2024-10-16
2769
(fxcue news) - The Canadian market is seen opening on a positive note Friday morning, with materials shares set for some upside thanks to firm metal prices. With the economic calendar blank and no big earnings updates due for the day, trading is likely to remain somewhat lackluster.
The Canadian market climbed to a fresh record high on Thursday with stocks from materials and energy sectors moving higher on firm commodity prices. A rate cut by the European Central Bank and expectations of interest rate cuts by the Federal Reserve and the Bank of Canada aided sentiment.
Data showing an unexpected increase in U.S. retail sales, and a drop in U.S. jobless claims contributed as well to the positive mood in the market.
The benchmark S&P/TSX Composite Index, which surged to 24,561.20, settled with a gain of 129.28 points or 0.53% at 24,690.48.
Asian stocks ended mixed on Friday with a slew of Chinese data backing calls for more stimulus. Japan's key inflation gauge slowed in September for the first time in five months, but an index excluding the effect of fuel held steady, keeping the Bank of Japan on track to raise interest rates further.
European stocks are broadly higher with investors continuing to digest the European Central Bank's interest rate move, and reacting to the latest batch of economic data and earnings updates.
In commodities, West Texas Intermediate Crude oil futures are down marginally at $70.65 a barrel.
Gold futures are gaining $18.20 or 0.67% at $2,725.70 an ounce, while Silver futures are up $0.521 or 1.63% at $32.295 an ounce.
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