Bay Street Likely To Open Higher On Firm Oil, Metal Prices

(RTTNews) - Higher crude oil and metal prices point to a firm start for the Canadian market on Thursday. Investors are also expecting that the upcoming Canadian budget will contain some huge funding in major initiatives.

The Canadian government is scheduled to present its budget on November 4th.

In economic news, data from Statistics Canada showed retail sales in Canada increased 4.9% year-on-year in August 2025, following an upwardly revised 4.2% rise in July.

Retail sales in Canada are set to have declined by 0.7% month-on-month in September 2025, according to a preliminary estimate.

Canadian stocks edged higher on Wednesday as market focus shifts to the upcoming budget along with increasing expectations of central bank rate cuts despite an extended pullback by bullion prices weakening metal and mining stocks.

After opening slightly below yesterday's close, the benchmark S&P/TSX Composite Index remained volatile for most part of the trading session before finally closing at 29,982.98, up by 94.16 points (or 0.32%).

Crude oil futures are up nearly $3.00 or over 5%, at $61.45 a barrel.

Gold futures are gaining $68.10 or 1.68% at $4,133.50, bouncing back strongly after recent declines. Silver futures are up $1.099 or 2.3% at $48.780 an ounce.

The Canadain market closed on a firm note on Wednesday as focus shifted to the upcoming budget. Expectations of a rate cut by the Canadain central bank contributed a bit to the positive mood in the market.

The benchmark S&P/TSX Composite Index, which remained volatile for most part of the trading session, settled at 29,982.98, up by 94.16 points or 0.32%.

Canadian Prime Minister Mark Carney's government is presenting the budget on November 4, and it is set to include huge spending cuts as well as funding for major initiatives aimed at boosting the overall business and national sentiment that has been hit by the Canada-U.S. tariff war.

Asian stocks turned in a mixed performance on Thursday, with rising tensions between the United States and China and mixed earnings, including a sharp drop in Tesla's profits, rendering the mood cautious.

According to reports, the Trump administration is weighing export restrictions against China that would bar the purchase of a wide swath of critical software in response to China's tightened rare earth exports.

European stocks are broadly higher with investors mostly reacting to corporate earnings announcements, and closely following the developments on the geopolitical front.