Bay Street Likely To See Positive Start

(RTTNews) - Higher Canadian and U.S. futures, firm crude oil prices and gain in European markets point to a positive start for the Canadian market on Friday.

The passage of the bipartisan bill to raise U.S. debt ceiling into 2025 and cut the deficit has lifted sentiment in global markets.

Slightly easing concerns about interest rate following a few Fed officials suggesting a pause in policy tightening may also aid sentiment.

U.S. non-farm payroll data, due this morning, is likely to provide some clues about the likely move by the Federal Reserve.

The Canadian market ended on a firm note on Thursday as materials and energy stocks moved up, tracking higher bullion and crude oil prices. The benchmark S&P/TSX Composite Index ended with a gain of 100.01 points or 0.51% at 19,672.25.

Asian stocks advanced on Friday after the U.S. Senate passed a bipartisan bill to raise the debt ceiling into 2025 and cut the deficit, the final hurdle for the U.S. to avoid default on its debt.

Hopes of an economic recovery in China and hopes of a pause in the U.S. central bank's tightening policy also boosted investors' appetite for riskier assets.

European stocks traded sharply higher on Friday, with Fed pause hopes and easing U.S. debt default worries helping underpin sentiment ahead of the all-important U.S. jobs data due later in the day.

On a light day on the economic front, data showed France's industrial production rebounded in April, led by a sharp recovery in petroleum output.

Industrial output logged a monthly growth of 0.8%, reversing the 1.1 percent decrease in March. Production was expected to climb 0.3%.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.20 or 1.71% at $71.30 a barrel.

Gold futures are up marginally at $1,995.90 an ounce, while Silver futures are down slightly at $23.980 an ounce.