Bay Street Looks Headed For Positive Start

(RTTNews) - Higher stock futures and firm crude oil and gold prices point to a positive start for the Canadian market on Friday.

The market is also likely to benefit from reports that China has cut quarantine restrictions for inbound travelers and flights. The recent data on U.S. inflation is likely to help as well.

In Canadian earnings news, Algonquin Power & Utilities Corp. (AQN.TO) reported a net loss $195.2 million or $0.29 per share in the third quarter, sharply wider than $27.9 million or $0.05 per share in the prior-year quarter. Excluding items, adjusted net earnings for the quarter was $0.11 per share, compared to $0.15 per share in the year-ago quarter.

Hydro One Ltd. (H.TO) reported a net income of C$307 million for the quarter ended September 30, 2022, compared with net income of C$300 million a year ago.

Onex Corporation (ONEX.TO) reported net loss of $180 million for the quarter ended September 30, 2022, as against a net profit of $602 million in the year-ago quarter.

The Canadian market ended on an upbeat note on Thursday as stocks rallied sharply as investors went on a buying spree after data showed a smaller than expected increase in U.S. consumer prices, lifting hopes the Fed will start slowing the pace of its policy tightening measures.

A rally on Wall Street and European markets, and firm commodity prices aided sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 646.11 points or 3.34% at 19,990.36, recording the biggest single-session uptick in almot 30 months. The index touched a high of 20,035.29.

Asian stocks ended sharply higher on Friday, as China cut quarantine restrictions for inbound travelers and flights, and softer-than-expected U.S. inflation data fueled hopes the Federal Reserve will ease up on its interest-rate increases in the coming months.

European stocks started off on a firm note today, extending gains from the previous session, as cooling U.S. inflation fueled hopes the Federal Reserve would soon start scaling down the size of its interest-rate hikes.

Sentiment was also boosted after China cut quarantine restrictions for inbound travelers and flights.

However, stocks have given up some early gains and a few markets have even slipped into negative territory a little past noon.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.80 or 3.25% at $89.27 a barrel.

Gold futures are gaining $8.90 or 0.51% at $1,762.60 an ounce, while Silver futures are down $0.167 or 0.77% at $21.535 an ounce.