Bay Street Likely To Open Slightly Higher
(RTTNews) - Higher Canadian and U.S. futures and positive European markets are suggesting a higher open for the Canadian market on Friday. However, weak crude oil prices could trigger some selling in the energy sector.
On the economic front, data on Canadian producer prices and raw materials prices are due at 8:30 AM ET.
The Canadian market ended modestly lower on Thursday after staying weak right through the day's session amid concerns about growth, and hawkish comments from some Fed officials.
The benchmark S&P/TSX Composite Index, which was down more than 200 points at 19,742.33 at one stage, ended the session with a loss of 73.38 points or 0.37% at 19,884.58.
Asian stocks ended mixed on Friday with investors largely making cautious moves amid worries about the U.S. Federal Reserve's tightening cycle and a flare-up in COVID-19 cases in China despite strict measures to fight new outbreaks.
European stocks are up firmly in positive territory in early afternoon trades, rebounding on bargain hunting despite concerns about the outlook for interest rates.
In commodities trading, West Texas Intermediate Crude oil futures for December are down $1.23 or 1.51% at $80.35 a barrel.
Gold futures are down marginally at $1,761.60 an ounce, while Silver futures are gaining $0.170 or 0.81% at $21.145 an ounce.
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