Higher Commodity Prices Pointing To Positive Start On Bay Street

(RTTNews) - The Canadian market is likely to open higher Thursday morning, tracking firm crude oil and bullion prices.

The focus will be on ECB's interest rate decision and ECB Chief Christine Lagarde's press conference.

The European Central Bank's rate decision is due at 8:15 AM ET. The bank is widely expected to go for a large, 50-basis-point rate hike or a record 75-basis-point one, given the record high inflation and the tightening stance of its global peers.

ECB chief Lagarde is set to hold customary press conference at 8.45 am ET.

Federal Reserve Chair Jerome Powell's speech at 09:10 ET at a conference organized by the Cato Institute will also be in focus for additional clues on inflation and growth outlook.

In Canadian company news, Equinox Gold Corporation (EQX.TO) said that it has temporarily stopped its mining works at its Los Filos Mine in Mexico, citing an illegal blockade by members of the nearby Mezcala community. The miner also noted that it will engage with community to find a solution that allows the mine to resume full operations.

The North West Company Inc. (NWC.TO) announced on Wednesday that its second-quarter net earnings decreased to $32.4 million compared to $42.4 million last year.

After a weak start, the Canadian market emerged higher Wednesday morning and stayed firm right till the end of the session to finish on a fairly strong note.

As widely expected the Bank of Canada raised its key rates by 75 basis points and signaled further tightening in the coming months to fight inflation. The benchmark S&P/TSX Composite Index ended with a gain of 153.29 points or 0.8% at 19,241.44.

Asian stocks followed their U.S. peers higher on Thursday, though Chinese and Hong Kong stocks ended on a subdued note on news of extended lockdowns in the Chinese city of Chengdu.

The mood was cautious as investors awaited the ECB rate decision and a speech by U.S. Federal Reserve Chair Jerome Powell.

European stocks are modestly higher with investors looking ahead to the ECB rate decision and an announcement on U.K. Prime Minister Liz Truss's energy bill support package later in the day.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.52 or 0.63% at $82.46 a barrel.

Gold futures are gaining $7.00 or 0.41% at $1,734.80 an ounce, while Silver futures are up $0.325 or 1.78% at $18.585 an ounce.