Bay Street Looks Headed For Bright Start

(RTTNews) - Higher Canadian and U.S. futures, firm European markets and rising commodity prices point to a bright start for the Canadian market on Thursday.

Crude oil prices are up 2.3% and gold prices have moved up more than 6%, setting the stage up for energy and materials shares on Bay Street.

The dovish comments from the Federal Reserve is likely to keep investor sentiment upbeat.

Empire Company Ltd. (EMP.A.TO) reported adjusted net earnings of $178.3 million ($0.71 per share) for the second-quarter, compared to $189.9 million ($0.73 per share) in the year-ago quarter.

Transat A.T. Inc (TRZ.TO) reported fourth-quarter net income of $3.2 million ($0.08 per share), compared with a net loss of $126.2 million ($3.32 per share) for the corresponding quarter of last year.

Cenovus Energy Inc. (CVE.TO) Thursday announced that it expects to invest capital between C$4.5 billion and C$5.0 billion. Investment of C$1.5 billion to C$2.0 billion will be used for optimization and growth capital, primarily for the West White Rose project, the Foster Creek, Christina Lake and Sunrise oil sands facilities.

On the economic front, final data on manufacturing sales for the month of October is due at 8:30 AM ET. A report on new motor vehicles sales for October is also due at 8:30 AM ET.

The Canadian market ended on a buoyant note on Wednesday on all-round buying with investors reacting to the Federal Reserve's monetary policy announcement.

The benchmark S&P/TSX Composite Index ended with a strong gain of 395.61 points or 1.96% at 20,629.45, the highest close in three months.

Asian stocks turned in a mixed performance on Thursday even after the Federal Reserve left interest rates unchanged, as widely expected, and indicated a shift towards cutting borrowing costs against the backdrop of slowing growth and easing inflation.

European stocks are up firmly in positive territory, cheering Federal Reserve's policy statement. The Fed, which held rates steady as expected, hinted at three rate cuts in 2024, citing easing inflation and slowing growth.

In commodities, West Texas Intermediate crude oil futures are up $1.61 or 2.3% at $71.08 a barrel.

Gold futures are rising $53.00 or 2.65% at $2,050.30 an ounce, while Silver futures are gaining $1.414 or 6.2% at $24.335 an ounce.