Bay Street Seen Opening Slightly Higher

(RTTNews) - Canadian shares are likely to open higher Friday morning, tracking gains in European markets after data showed a drop in Eurozone inflation, and encouraging data from China.

U.S. personal income and spending data for the month of February, due at 8:30 AM ET, is likely to provide some clues about the Fed's possibile interest rate move at its May meeting.

Canadian GDP data for the month of January is due at 8:30 AM ET. Preliminary estimates said Canadian economy likely increased 0.3% in January. GDP edged down 0.1% in December, following a 0.1% uptick in November.

The Canadian market extended its winning streak to a fifth day, as easing worries about a global banking crisis helped underpin sentiment on Thursday.

Shares from consumer staples, utilities, communications, real estate and technology sectors were among the notable gainers.

A few stocks from consumer discretionary, industrials and materials sectors moved up as well.

The benchmark S&P/TSX Composite Index ended with a gain of 103.34 points or 0.52% at 19,940.99, near the day's high of 19,949.11.

Asian stocks ended higher on Friday, tracking yesterday's gains on Wall Street, with easing concerns about the global banking system as well as strong readings on Chinese manufacturing, services and construction activity helping boost investor sentiment.

European stocks are modestly higher with investors reacting to data showing a drop in eurozone consumer prices.

Preliminarty reading showed eurozone headline inflation slowed to 6.9% in March, down from 8.5% in February.

In commodities, West Texas Intermediate Crude oil futures are up $0.47 or 0.63% at $74.84 a barrel.

Gold futures are up $1.50 or 0.8% at $1,999.20 an ounce, while Silver futures are gaining $0.096 or 0.4% at $24.085 an ounce.