Bay Street Looks Set To Extend Gains

(RTTNews) - Canadian stocks are likely to open higher on Thursday, tracking rising crude oil and bullion prices. Expectations of another rate cut by the Federal Reserve will also continue to aid sentiment.

In Canadian company news, Clairvest Group Inc. (CVG.TO) announced an agreement to acquire the operations of MGM Northfield Park from MGM Resorts International (MGM) for $546 million in cash.

Bank of Montreal (BMO.TO) has announced an agreement to sell 138 U.S. branches to First-Citizens Bank & Trust Company, the financial holding company for First Citizens BancShares, Inc. (FCNCA), as part of a broader plan to optimize its branch network and refocus on high-growth markets.

In economic news, Canada's CFIB Business Barometer long-term index fell 3.9 points to 46.3 in October 2025, a report from the Canadian Federation of Independent Business showed.

Housing starts in Canada jumped 14% to 279,234 units in September 2025 from 244,543 in August, data from Canada Mortgage And Housing Corporation showed.

The Canadian market moved to a new record high on Wednesday as stocks rallied amid rising bets the Federal Reserve will cut interest rate again after Jerome Powell hinted at more easing by the central bank during his speech in Philadelphia.

In his speech, Powell underscored the worrisome slowdown in hiring that poses a growing risk to the U.S. economy and acknowledged that the rising downside risks to employment have shifted the Fed's assessment of the balance of risks.

Speaking on tariffs, Powell stressed that there is a risk that the slow pass-through of tariffs starts to look like persistent inflation.

The benchmark S&P/TSX Composite Index closed with a gain of 283.51 points or 0.93% at 30,637.12.

Asian stocks moved higher on Thursday, extending gains from the previous session amid growing expectations of imminent U.S. Federal Reserve rate cuts. Regional gains, however, remained capped somewhat by rising Sino-U.S. tensions.

European stocks are turning in a mixed performance with investors awaiting fresh data for direction.

The French market is notably higher after France's reappointed Prime Minister Sébastien Lecornu survived successive no-confidence votes in the National Assembly today. His narrow victory comes thanks to enough support from moderates to avert a second government collapse in as many weeks.

Lecornu's offer to suspend an unpopular pension reform helped sway the opposition Socialists, giving his government a lifeline in the deeply fragmented chamber.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.33 or 0.57% at $58.60 a barrel.

Gold futures are up $59.70 or 1.41% at $4,261.30 an ounce, while Silver futures are gaining $0.767 or 1.49% at $52.145 an ounce.