Bay Street Looks Headed For Positive Start

(RTTNews) - Canadian stocks look headed for a positive start Thursday morning, tracking higher oil and bullion prices. Investors will also be reacting to a slew of earnings announcements. The focus will also be on the developments on the trade front.

On the economic front, the Ivey PMI reading for the month of October is due at 10 AM ET. Canada's Ivey Purchasing Managers Index jumped to 59.8 in September from 50.1 in August, marking a 16-month high.

In earnings news, TransCanada (TRP.TO) reported earnings per share of $0.77 in the third-quarter, compared to $1.03 a year ago.

BCE Inc. (BCE.TO) reported earnings per share of $0.79 for the third quarter, compared to $0.75 in the year-ago quarter.

Bombardier Inc (BBD.B.TO)'s earnings per share came in at $1.21 for the third quarter, less than an estimated $1.42, but higher than $0.74 in the year-ago quarter.

Labrador Iron Ore reported an EPS of $0.47 in the third quarter, down compared to $0.53 a year ago.

Canadian Tire Corporation (CTC.TO) reported earnings per share of $3.78 for the third quarter, up from $3.59 a share in the corresponding quarter last year.

The Canadian market closed on a strong note on Wednesday, led by sharp gains in the materials sector after gold prices rose sharply on safe-haven appeal.

The benchmark S&P/TSX Composite Index traded firmly positive throughout the session and settled at 30,103.48, up by 325.66 points or 1.09%.

Asian markets closed higher on Thursday on strong U.S. economic data, and the announcement of 2025 election results that were good to Democrats with wins in several major races, including governor's races in two states.

The major European markets are showing weakness in cautious trade with investors digesting a slew of earnings announcements and regional economic data, as well as the Bank of England's decision to hold interest rate unchanged at 4%.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.41 or 0.69% at $60.01 a barrel.

Gold futures are gaining $30.30 or 0.75% at $4,023.10 an ounce, while Silver futures are up $0.408 or 0.85% at$48.430 an ounce.