Bay Street Likely To Open With Positive Bias

(RTTNews) - Canadian shares may open with a positive bias Thursday morning, tracking higher metal prices. Weak crude oil prices could trigger some selling in the energy space and limit market's upside.

U.S. producer price data and jobless claims data are in focus.

Telus Corporation (T.TO) reported fourth-quarter net income of $320 million, compared with net income of $310 million in the year-ago quarter.

Calian Group Inc. (CGY.TO) reported stronger-than-expected adjusted earnings of $10.5 million, or $0.88 per diluted share for the first quarter.

The Canadian market ended weak on Wednesday, as data showing a bigger than expected increase in U.S. consumer price inflation increased speculation the Federal Reserve will leave interest rates on hold for a prolonged period.

Energy stocks tumbled as crude oil prices fell sharply after data showed a sharp increase in U.S. crude inventories. Consumer discretionary and real estate stocks were among the other major losers.

Materials and communications stocks moved higher, pulling out the market from lower levels.

The benchmark S&P/TSX Composite Index ended with a loss of 68.72 points or 0.27% at 25,563.11.

Asian stocks advanced on Thursday after U.S. President Donald Trump said that he had a "lengthy and highly productive phone call" with President Vladimir V. Putin of Russia and that Ukraine's NATO membership is not "practical", raising expectations for an end to the war in Ukraine.

Trump expects to meet Putin in Saudi Arabia for Ukraine peace talks, sparking concerns about Ukraine's exclusion.

European stocks are mostly higher with investors reacting positively to earnings updates, and on optimism about an end to the Ukraine war.

In commodities, West Texas Intermediate Crude oil futures are down $0.99 or 1.39% at $70.38 a barrel.

Gold futures are gaining $17.90 or 0.61% at $2,946.60 an ounce, while Silver futures are up $0.025 or 0.08% at $32.810 an ounce.