Bay Street Seen Opening On Firm Note

(RTTNews) - Canadian shares look set to end on a positive note Friday morning, tracking firm European markets and higher commodity prices. A drop in bond yields is also expected to aid sentiment.

Data on Canadian producer prices and raw materials prices for the month of October are due at 8:30 AM ET.

Industrial producer prices in Canada rose by 0.4% over a month in September 2023, easing from an upwardly revised 1.9% hike in August. Yearly, producer prices soared by 0.6% in September, from an upwardly revised flat reading in the previous month

The Raw Materials Price Index in Canada rose by 3.5% month-over-month in September 2023, accelerating from a 3% increase in August. Year-on-year, raw materials prices advanced by 2.4% in September, marking the first increase since January 2023.

In company news, Canopy Growth Corporation (WEED.TO) has announced that the Ontario Superior Court of Justice has approved two transactions to sell all or substantially all of the assets of BioSteel Canada and BioSteel Manufacturing, LLC. Canopy Growth expects the proceeds will improve the company's balance sheet.

Real Matters Inc. (REAL.TO) reported fourth-quarter net income of US$1.6 million, or US$0.02 per diluted share, as compared with a loss of US$10 million, or US$0.14 per diluted share, a year earlier.

The Canadian market ended flat on Thursday after moving in a tight band in cautious trade amid lingering concerns about global economic slowdown.

The benchmark S&P/TSX Composite Index ended down 4.82 points or 0.02% at 20,053.07, after five successive days of gains.

Asian stocks ended lower on Friday as softer U.S. data and declining oil prices stoked concerns about the global economic outlook.

European markets are up firmly in positive territory today with investors picking up stocks amid expectations that the Federal Reserve may announce two rate cuts next year to support growth.

In commodities, West Texas Intermediate Crude oil futures are up $1.00 or 1.37% at $73.90 a barrel.

Gold futures are gaining $4.30 or 0.23% at $1,991.60 an ounce, while Silver futures are up $0.182 or 0.76% at $24.115 an ounce.