Bay Street Looks Headed For Positive Start

(RTTNews) - Canadian shares look headed for a positive start Thursday morning, with investor sentiment getting a boost thanks to strong results from US tech majors Meta Platforms and Microsoft.

Data from Statistics Canada showed Canada's GDP increased to 0.1% in June from -0.1% in May, according to preliminary estimates.

Average weekly earnings in Canada increased 3.3% in May over the same month in the previous year, a separate report from Statistics Canada showed.

In Canadian earnings news, Gildan Activewear Inc. (GIL.TO) reported a 6.5% surge in second quarter revenues. On an adjusted basis, earnings were $145.9 million or $0.97 per share, up from $124.7 million or $0.74 per share a year ago.

Bombardier Inc. (BBD.B.TO) Thursday reported net income from continuing operations of $193 million or $1.87 per share for the second quarter, significantly higher than $19 million or $0.12 per share in the same quarter a year ago.

Cenovus Energy (CVE.TO) reported earnings per share of $0.45 for the second quarter, compared to $0.53 in the year-ago quarter. However, EPS in the latest quarter came in stronger than the expected $0.31.

The Canadian market ended notably lower on Wednesday on concerns about a lack of progress in US-Canada trade talks.

The benchmark S&P/TSX Composite Index, which climbed to 27,581.23, failed to hold gains and settled at 27,369.96, down by 169.92 points or 0.62%.

Asian stocks ended mostly lower on Thursday, with the Federal Reserve's interest-rate decision, tech earnings, U.S. President Donald Trump's tariff threats and Chinese data in focus.

Japanese markets outperformed as the Bank of Japan held interest rates steady and offered a cautiously optimistic view on the economic outlook.

European stocks have mostly pared early gains today with investors reacting to a slew of earnings announcements, and the latest batch of crucial economic data. The UK market is outperforming the other major markets, with the FTSE 100 rising more than 0.5%.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.49 or 0.7% at $69.51 a barrel.

Gold futures are gaining $4.30 or 0.13% at $3,357.10 an ounce, while Silver futures are down $1.064 or 2.82% at $36.675 an ounce.