Bay Street Headed For Positive Start
(RTTNews) - Higher Canadian and U.S. futures and firm commodity prices point to a positive start for the Canadian market Friday morning. Optimism surrounding artificial intelligence and expectations of a rate cut by the Federal Reserve may help underpin sentiment.
The ongoing government shutdown in the U.S. is unlikely to make any significantly negative impact on sentiment.
Data on Canadian manufacturing and services sector activity for the month of September is due at 9:30 AM ET.
After a weak start, Canadian stocks recovered on Thursday amid rate cut expectations by central banks in Canada and the U.S.
The benchmark S&P/TSX Composite Index, which drifted down to 29,903.08 before noon, moved higher subsequently and finally settled at 30,160.59, up by 52.92 points, or 0.18%.
Asian stocks ended mixed in cautious trading on Friday as concerns about the U.S. government shutdown and potential federal job cuts offset excitement around AI as well as expectations of further interest rate cuts by the U.S. Federal Reserve.
As the shutdown enters its third day, Republicans are seeking to use the threat of permanent cuts to encourage Democrats to vote to reopen the government.
European stocks are up in positive territory today, although the mood in some of the major markets in the region remain a bit cautious with investors assessing the latest batch of data on manufacutring and services sector activity in the region.
In commodities trading, West Texas Intermediate crude oil futures are up $0.43 or 0.71% at $60.91 a barrel.
Gold futures are gaining $18.00 or 0.47% at $3,886.10 an ounce, while Silver futures are up $0.916 or 1.98% at $47.285 an ounce.
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