Bay Street Poised For Positive Open On Metal Gains

(RTTNews) - Canadian stocks look headed for a positive start Friday morning, tracking higher precious metals prices and on renewed hopes about potential reopening of the Strait of Hormuz within the next seven days.

Washington Post has quoted Iranian Foreign Minister Abbas Araghchi as saying on the sidelines of the UN General Assembly session in New York that Iran has submitted a proposal to U.S. officials through mediators this week to end the Middle East war.

Despite differences over Iran, Taiwan and trade, U.S. President Donald Trump described his meeting with Chinese President Xi Jinping as "great" and hailed the "truly great friendship" he has forged with his counterpart. China's Ministry of Foreign Affairs described Xi's visit to the U.S. as a "great visit."

In earnings news, BlackBerry Limited reported second-quarter net income of $33.9 million or $0.05 per share, compared with $13.3 million or $0.02 per share a year earlier. Adjusted net income increased 79% year-over-year to $43.2 million or $0.07 from $24.2 million or $0.04 per share last year. The company's revenue for the quarter increased 26% year-over-year to $163.3 million from $129.6 million last year.

In economic news, wholesale sales in Canada decreased to -1.5% in August from 0.3% in July, data from Statistics Canada showed.

The Canadian market recovered from early weakness on Thursday but still ended in negative territory. The benchmark S&P/TSX Composite Index climbed well off its worst levels of the day but still closed down 44.97 points or 0.1% at 35,706.46.

A Reuters report indicating U.S. and Iranian negotiators are discussing a phased deal to end the prolonged Middle East conflict helped a bit in market's recovery from lower levels.

Asian stocks ended mixed in thin trading on Friday, with markets in South Korea, Taiwan and mainland China closed for public holidays.

The U.S. dollar consolidated weekly gains ahead of durable goods orders data for August and the University of Michigan's consumer sentiment index to be published later in the day.

Major European markets are up in positive territory Friday afternoon as weak oil prices and bond yields dropped amid renewed hopes a fresh initiative for to end the Middle East conflict will help reopen the Strait of Hormuz.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.74 or 1.84% at $92.77 a barrel.

Gold futures are up $38.50 or 0.9% at $4,336.50 an ounce, while Silver futures are up $1.128 or 1.76% at $65.130 an ounce.