Bay Street Likely To Open Higher On Positive Global Cues

(RTTNews) - Higher U.S. and Canadian futures, firm commodity prices and rising European stocks point to a positive start for the Canadian market on Friday. Trade war worries might weigh a bit and limit market's upside.

Wheaton Precious Metals (WPM.TO) reported adjusted net earnings of $198.97 million for the fourth quarter of 2024, compared with $164.57 million a year ago.

NFI Ltd., (NFI.TO) reported fourth quarter net earnings of $18.6 million, an increase of $20.9 million. Net earnings per share came in at $0.16.

Data on manufacturing sales and new motor vehicles sales for the month of January, are due at 8:30 AM ET.

The Canadian market ended notably lower on Thursday, with its benchmark S&P/TSX Composite Index falling to a four-and-a-half-month low, as rising concerns about global economic growth due to the trade war triggered heavy selling at several counters from across various sectors.

After U.S. President Donald Trump slapped new tariffs on steel and aluminum exported by Canada into the U.S., the Canadian government announced retaliatory tariffs on $29.8 billion of U.S. goods. Trump also threatened to impose a 200% tariff on wines, champagnes and alcoholic products imported into the U.S. from France and other countries in the European Union.

The S&P/TSX Composite Index closed down 220.11 points or 0.9% at 24,203.23, nearly 60 points off the day's low of 24,145.59.

Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown.

Chinese and Hong Kong markets rallied after Chinese authorities announced late on Thursday that they would hold a press conference on "boosting consumption" on Monday.

European stocks are up firmly in positive territory today with investors shrugging off tariff concerns now, and focusing on earnings and other corporate news. Some optimism about a ceasefire in Ukraine, and bargain hunting in banking and mining sectors contribute to the rise in stock prices.

In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.63% at $66.98 a barrel.

Gold futures are gaining $17.40 or 0.58% at $3,008.70 an ounce, while Silver futures are up $0.409 or 1.19% at $34.715 an ounce.