Global Cues, Firm Commodity Prices Point To Another Firm Start On Bay Street

(RTTNews) - Canadian shares are likely to open higher Thursday morning, tracking positive global cues and higher commodity prices.

TSX futures are gaining about 0.7%. The Dow futures are up 0.57%, while the Nasdaq futures and S&P futures are up 0..84% and 0.67%, respectively.

Canada is facing a sharp 35% tariff, having failed to reach an agreement with the U.S.

In earnings news, Canadian Natural Resources reported adjusted net earnings of $2,459 million in the quarter ended June 30, 2025, compared with $1,715 million a year ago.

Restaurant Brands International Inc. reported diluted earnings per share of $0.58 in the second quarter of 2025, compared with EPS of $0.88 in the year-ago quarter.

BCE Inc. reported adjusted net earnings of $592 million for the second quarter of 2025, down nearly 17% compared to $712 million in the year-ago quarter.

Onex Corp reported net earnings of $229 million for the three months ended June 30, 2025, compared to $168 million a year ago.

MDA Space Ltd. reported second quarter net income of C$27.2 million, up from C$11 million in the prior year. Adjusted net income increased to C$48.1 million from C$23.4 million in the same period last year.

On the economic front, the Ivey PMI reading for July is due at 10 AM ET. The Ivey Purchasing Managers Index in Canada rose to 53.3 in June 2025, up from 48.9 in May and above market expectations of 49.1, signaling economic expansion for the first time in three months.

The Canadian stock market on Wednesday extended its previous session's gains to set a new record, supported by growing optimism about the possibility of an interest rate cut by the Fed.

The benchmark S&P/TSX Composite Index, which hit a high of 27,955.55, settled at new record closing high of 27,920.87, up by 350.79 points, or 1.27%.

S&P Global Canada data revealed that the Composite PMI rose to 48.7 in July 2025 from 44.0 in June. Both the manufacturing (46.1 vs 45.6) and services (49.3 vs 44.3) sectors posted softer downturns.

Asian stocks closed higher on Thursday as U.S. President Donald Trump's sweeping new tariffs take effect against dozens of countries. Underlying sentiment was underpinned by Fed rate cut bets, hopes for a Sino-U.S. trade deal and better-than-expected Chinese export data.

The major European markets are up in positive territory, riding on some upbeat earnings updates. The Bank of England has cut interest rate by 25 basis points, as widely expected.

In commodities trading, West Texas Intermediate Crude oil futures are gaining $0.55 or 0.81% at $64.90 a barrel.

Gold futures are up $10.80 or 0.31% at $3,444.20 an ounce, while Silver futures are up $0.768 or 2.03% at $38.670 an ounce.