Bay Street Likely To Open On Firm Note

(RTTNews) - Canadian shares look headed for a positive start Thursday morning amid rising hopes about a series of interest rate cuts from the Federal Reserve and a few other central banks, including the Bank of Canada, this year. Higher bullion prices are expected to contribute as well to market's firm start.

The Federal Reserve projects three rate cuts this year. The Swiss National Bank announced a cut in interest rates earlier today.

In Canadian economic news, the house price index increased to 0.1% in February from -0.1% in January, data from Statistics Canada showed.

In Canadian earnings news, Filo Corp (FIL.TO) reported net loss of C$32.16 million in the fourth quarter of 2023, compared to net loss of C$21.0 million in the year-ago quarter.

The Canadian market ended on a firm note on Wednesday, lifted by strong gains in materials and technology sectors. Optimism about the Bank of Canada easing its monetary policy sometime in the middle of this year helped underpin sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 185.13 points or 0.85% at 22,045.71, just short of a record closing high.

Asian stocks closed higher on Thursday as investors cheered the Fed's dovish stance and signal on potential rate cuts in 2024.

European stocks are up firmly in positive territory, buoyed by dovish Fed comments suggesting that the U.S. central bank remains on track to cut interest rates three times in 2024. The Bank of England decided to hold rates, while the Swiss National Bank has announced a surprise rate cut.

In commodities, West Texas Intermediate Crude oil futures are down $0.33 or 0.4% at $80.94 a barrel.

Gold futures are up $49.40 or 2.3% at $2,210.40 an ounce, while Silver futures are gaining $0.541 or 2.16% at $25.645 a dollar.