Bay Street Likely To Open With Positive Bias

RTTNews | 7 hari yang lalu

(RTTNews) - Canadian stocks may open with a positive bias Friday morning with materials stocks likely to move higher on firm precious metals prices.

West Texas Intermediate Crude oil futures are down $0.50 or 0.5% at $98.43 a barrel.

Gold futures are up $25.20 or 0.6% at $4,194.60 an ounce, while Silver futures are up $0.769 or 1.35% at $57.925 an ounce.

In corporate news, Lundin Mining Corporation announced that it expects third-quarter revenue to benefit from provisional pricing adjustments on prior-period concentrate sales, while severe winter storms in Chile resulted in additional costs and temporary operational suspensions at its Caserones mine.

The company expects positive provisional pricing adjustments of approximately $51 million on a pre-tax basis, primarily reflecting upward adjustments to prior-period copper sales.

Element Fleet Management Corp. announced the expansion of its partnership with Alphabet Inc.'s (GOOG) self-driving subsidiary Waymo to support the launch of its robotaxi services in Toronto, marking Waymo's entry into Canada.

On the economic front, Canadian housing starts data for September is due at 8:15 AM ET.

Canadian stocks moved sharply higher over the course of the trading day on Thursday, more than offsetting the significant pullback seen in the previous session.

The benchmark S&P/TSX Composite Index advanced early in the session and saw further upside as the day progressed before closing up 552.64 points or 1.6% at 36,137.10.

Gold stocks helped lead the way higher on Bay Street, resulting in a 3.9% spike by the S&P/TSX Global Gold Index.

Asian stocks moved higher on Friday thanks to a rebound by tech shares following Federal Reserve Chair Kevin Warsh's comments at the IMF-World Bank meetings in Bangkok that artificial intelligence is a major force in the global economy.

European stocks are broadly higher amid a recovery in the tech sector thanks to softening global bond yields and Nvidia CEO Jensen Huang's comments defending the financial health of AI computing supplier CoreWeave inc.

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EURUSD	1.1202	GBPUSD	1.3372
USDJPY	156.819	USDCAD	1.39976