Bay Street Likely To Open On Positive Note

(RTTNews) - Higher Canadian and U.S. futures and firm oil and metal prices point to a positive start for Canadian stocks on Thursday. However, a lack of significant positive triggers could cap market's upside.

Brookfield Asset Management (BAM.TO) shares are likely to be in focus after the company said it would sell its Australian retirement home operator Aveo to The Living Company for A$3.85 billion.

In economic news, data from Statistics Canada showed average weekly earnings in Canada rose 4.4% in April (Year-on-Year), compared to a revised 4.06% rise in the previous month.

A separte data from Statistics Canada showed wholesale sales in Canada dropped by 0.4% in May, following a 2.3% decline in April.

The Canadian market closed weak on Wednesday after investors chose to take some profits following the previous session's record high levels. Investors also digested the data on Canadian consumer price inflation. The data showed the nation's consumer price index rose 3% year-on-year in May, down from 3.1% in the previous month.

Canada's inflation rate month-on-month increased 0.6% in May over the previous month.

The benchmark S&P/TSX Composite Index settled at 26,566.32 down by 152.30 or 0.57%.

Asian stocks turned in a mixed performance on Thursday, with Japanese markets hitting a nearly five-month high boosted by tech shares, while Seoul stocks fell sharply due to profit taking following the recent market rally.

European stocks are modestly higher in cautious trade with investors closely following the developments on the geopolitical front.

In commodities trading, West Texas Intermediate Crude oil futures are up 0.37 or 0.57% at $65.29 a barrel.

Gold futures are gaining $7.80 or 0.25% at $3,350.90 an ounce, while Silver futures are up $0.549 or 1.27% at $36.570 an ounce.