Bay Street Looks Headed For Positive Start

(RTTNews) - Higher crude oil and gold prices, and positive lead from Asian and European markets point to a slightly higher opening for stocks on Bay Street Thursday morning.

Consumer price inflation data from the U.S. will be in focus, as the data is likely to provide clues about the Federal Reserve's rate trajectory.

According to the CME FedWatch Tool, markets currently price in a 67% chance of a rate cut in March. Overall, traders anticipate 140 basis points of easing this year.

U.S. bank earnings also remain on investors' radar, with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo all due to report their financial results on Friday.

Thomson Reuters Corporation (TRI.TO) Thursday announced a public tender offer to acquire Pagero Group AB, a provider of e-invoicing and indirect tax solutions, for about SEK 6.4 billion, to be paid in cash. The offer price of SEK 40 per share represents a premium of 11.1% compared to the closing price of SEK 36 on January 10.

Cogeco Communications Inc (CCA.TO) reported adjusted profit of $103.7 million, or $2.33 per diluted share for the first quarter ended November 30, 2023, compared to $113.5 million, or $2.48 per diluted share, last year.

Cogeco Inc. (CGO.TO) reported adjusted profit of $40.0 million, or $2.57 per diluted share for the first quarter ended November 30, 2023, compared to $42.8 million, or $2.71 per diluted share, last year.

Canadian stocks turned in a mixed performance on Wednesday after a lackluster session as investors largely stayed cautious ahead of crucial U.S. consumer and producer price inflation data, due on Thursday and Friday, respectively.

Technology, consumer, industrials and communications stocks were among the gainers, while energy stocks struggled for support.

The benchmark S&P/TSX Composite Index ended with a marginal gain of 18.44 points or 0.09% at 20,98.42 after moving between 20,965.03 and 21,030.59.

Asian stocks closed higher on Thursday as investors awaited U.S. CPI data due out later in the day for additional clues on how soon the Federal Reserve will cut interest rates this year.

European stocks are higher, recovering a bit from recent losses, as investors await U.S. consumer price inflation data.

In commodities, West Texas Intermediate Crude oil futures are up $1.47 or 2.06% at $72.84 a barrel.

Gold futures are gaining $10.30 or 0.51% at $2,038.10 an ounce, while Silver futures are up $0.174 or 0.75% at $23.240 an ounce.