Bay Street Likely To Open On Bright Note

(RTTNews) - Higher Canadian U.S. futures, and rising oil and bullion prices point to a positive start on Bay Street Thursday morning.

Asian markets closed higher and European stocks are up firmly today as the "big" 50-basis points interest rate cut by the Federal Reserve has raised hopes of a soft landing for the U.S. economy.

Investors will be looking ahead to the data on Canadian retail sales, producer & raw materials prices, housing prices, due on Friday.

The Canadian market ended weak on Wednesday with investors choosing to take some profits after the Federal Reserve cut interest rates for the first time in four years.

The benchmark S&P/TSX Composite Index ended down 85.10 points or 0.36% at 23,592.60. The index climbed to 23,780.22 after the Federal Reserve announced a 50-basis point hike, but pared gains subsequently.

Asian stocks ended broadly higher on Thursday after the Fed announced a larger-than-usual 50-bps reduction in borrowing costs and signaled further easing in the months ahead, reflecting its new focus on bolstering the job market.

The dollar bounced back and long-dated bond yields rose while gold hovered near a record high. Oil prices rebounded despite lingering concerns over global demand.

European stocks are up firmly in positive territory, cheering the U.S. central bank's decision to cut its key rates by 50 basis points and the hint at further reductions.

The Bank of England has decided to hold rates steady at 5% as widely expected. The bank said a "gradual approach" to monetary easing remained appropriate, with services inflation remaining "elevated."

In commodities, West Texas Intermediate Crude oil futures are up $0.72 or 1.02% at $71.63 a barrel.

Gold futures are gaining $16.80 or 0.65% at $2,615.40 an ounce, while Silver futures are up $0.828 or 2.7% at $31.515 an ounce.