Bay Street Likely To Open On Positive Note

(RTTNews) - Canadian shares are likely to open on a positive note on Thursday, tracking European stocks and higher crude oil prices.

The focus is on U.S. retail sales, producer prices, and jobless claims data for more clues on the Federal Reserve's interest-rate path. The European Central Bank's rate decision is due at 8:15 AM ET.

On the Canadian economic front, data on Canadian wholesale sales for the month of July is due at 8:30 AM ET.

In earnings news, Empire Company Limited (EMP.A.TO) reported first quarter net earnings of $261.0 million ($1.03 per share) compared to $187.5 million ($0.71 per share) last year. For the quarter, the company recorded adjusted net earnings of $196.2 million ($0.78 per share) compared to $187.5 million ($0.71 per share) last year.

The Canadian market ended modestly higher on Wednesday after staying positive right through the day's session.

Several stocks from consumer staples, utilities, industrials, financials and consumer discretionary sectors posted strong gains.

The benchmark S&P/TSX Composite Index ended with a gain of 55.86 points or 0.28% at 20,278.94, rising for a third straight session.

Asian stocks closed broadly higher on Thursday after a highly anticipated U.S. inflation report did little to alter market expectations for the path of rate hikes.

European stocks are up in positive territory, reacting to the Chinese central bank's announcement that it would cut the reserve requirement ratio on most banks by 25 basis points from Friday, aiming to boost its stuttering economy.

Investors await the European Central Bank's monetary policy announcement, due at 8:15 AM ET.

In commodities, West Texas Intermediate Crude oil futures are up $1.18 or 1.33% at $89.70 a barrel.

Gold futures are down $3.00 or 0.16% at $1,929.50 an ounce, while Silver futures are lower by $0.291 or 1.27% at $22.890 an ounce.