Bay Street Seen Opening Higher

(RTTNews) - Canadian shares are likely to open on a positive note Friday morning, tracking higher crude oil and bullion prices, and fairly steady European markets.

Final data on Canadian retail sales for the month of November is due at 8:30 AM ET. Preliminary estimates said retail sales in Canada likely fell by 0.5% month-over-month in November.

After opening moderately lower Thursday morning and languishing in negative territory till around mid afternoon, the Canadian market briefly emerged above the flat line before turning weak against to finally end the day's session with a modest loss.

Despite easing worries about interest rates following data showing cooling inflation, the mood remained cautious due to concerns about slowing global economic growth.

The benchmark S&P/TSX Composite Index ended with a loss of 34.79 points or 0.17% at 20,341.44. The index touched a low of 20,258.31 and a high of 20,406.46 intraday.

Asian stocks ended broadly higher on Friday, as treasury yields fell and the dollar sank after a slew of Fed officials said there is need for further rate increases at slower pace.

Chinese shares climbed higher after a top official said the worst was over in the battle against COVID-19. Additionally, the People's Bank of China kept benchmark lending rates unchanged for a fifth month, widely in line with expectations.

European stocks are higher as China said the worst was over in the battle against Covid-19. Optimism about Chinese economy is contributing as well to the positive mood in the markets.

In commodities trading, West Texas Intermediate crude oil futures are up 0.34 or 0.42% at $80.67 a barrel.

Gold futures are gaining $6.80 or 0.35% at $1,930.70 an ounce, while Silver futures are up $0.215 or 0.9% at $24.085 an ounce.