Bay Street Likely To See Positive Start

(RTTNews) - Higher Canadian and U.S. futures point to a positive start for stocks in the Canadian market Thursday morning. Bargain hunting after the sharp setback in the previous session is also likely to lift the market up.

Final data on Canadian retail sales for the month of October is due at 8:30 AM ET. According to preliminary estimates say retail sales may have advanced by 0.8% in October, the sharpest growth in eight months.

In company news, Bausch Health Companies Inc (BHC.TO) announced positive results from its Phase 2 study evaluating Amiselimod, an investigative S1P antagonist, for the treatment of ulcerative colitis.

Tilray Brands Inc. (TLRY.TO) announced that it has introduced cannabis-infused Belgian chocolates under the Chowie Wowie Edibles brand.

A day after recording fresh intraday and closing highs, the Canadian market ended notably lower on Wednesday due to heavy selling across the board in late afternoon trades.

The Bank of Canada noted in its summary of deliberations that it may be necessary to raise rates again to further quash inflation.

A report released by Statistics Canada earlier in the week had showed inflation did not slow down in November, holding steady at 3.1%.

The benchmark S&P/TSX Composite Index ended down 238.82 points or 1.15% at 20,600.81, near the day's low.

Asian stocks ended mostly lower on Thursday, tracking Wall Street's weak close overnight.

European stocks are down in negative territory with investors looking ahead to the release of the final estimates of U.S. third-quarter GDP data, and the Fed's preferred inflation gauge for direction.

In commodities, West Texas Intermediate Crude oil futures are down $0.94 or 1.27% at $73.28 a barrel.

Gold futures are up $1.80 or 0.08% at $2,049.50 an ounce, while Silver futures are down $0.106 or 0.43% at $24.525 an ounce.