Bay Street Likely To See Mixed Start

(RTTNews) - Canadian shares are likely to see a mixed start Friday morning, tracking subdued European stocks and mixed commodity prices.

Data on U.S. personal consumption expenditure, a crucial gauge that will inflation data is likely to significantly impact sentiment.

Data on U.S. personal income and spending, which includes a reading on inflation said to be preferred by the Federal Reserve, is due this morning. The report is likely to significant impact trading. Reports on U.S. consumer sentiment and pending home sales are also due this morning.

After fluctuating early in the session, Canadian stocks moved mostly higher over the course of the trading day on Thursday. The benchmark S&P/TSX Composite Index climbed 100.90 points or 0.5% to 20,700.50, reaching its best closing level in well over a year.

Asian markets saw further upside on Friday, as risk-on sentiment was boosted following better-than-expected GDP data from the U.S. on Thursday.

Recession worries waned as the economic growth data from the world's largest economy did not imply an imminent and immediate recession. Markets in China remain closed for a holiday.

European stocks pared early gains and are slightly lower with investors reacting to quarterly earnings updates and looking ahead to interest rate decisions from the Federal Reserve, the Bank of England and the European Central Bank, due next week.

The Fed's monetary policy announcement is due next Wednesday. The U.S. central bank is widely expected to raise rates by 50 basis points.

The BoE and the ECB are also likely to hike interest rates by 50 basis points. The central banks's views on future rate hikes and inflation outlook will be in focus.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.14 or 1.41% at $82.15 a barrel.

Gold futures are up marginally at $1,930.70 an ounce, while Silver futures are lower by $0.195 or 0.81% at $23.825 an ounce.