Bay Street Likely To See Lackluster Start

(RTTNews) - Subdued U.S. and Canadian futures point to a lackluster start for the Canadian shares on Thursday. Weak gold and silver prices are likely to weigh on materials stocks. Energy stocks may find some support and limit market's downside.

In economic news, a report from the Canadian Federation of Independent Business said Canada's CFIB Business Barometer long-term index rose 3.4 points to 50.9 in July, the highest since January and the second reading above the 50-point threshold this year.

Investors will be focusing on the developments on the trade front, and tracking corporate news for directional clues.

Canadian stocks rose closer to previous record highs on Wednesday amid flat US PPI data along with resilient Canadian housing activity.

The benchmark S&P/TSX Composite Index hit an intraday high of 27,159.87 before settling at 27,152.97, up by 98.83 or 0.37%.

Asian stocks rose broadly on Thursday after U.S. President Donald Trump denied that he plans to fire Federal Reserve Chairman Jerome Powell.

"We're not planning on doing it," he said Wednesday at the White House. "I don't rule out anything," he added, "but I think it's highly unlikely, unless he has to leave for fraud."

The major European markets are up in positive territory, recovering from recent losses. Optimism about the European Union striking a deal with the U.S., and some encouraging corporate updates appear to be aiding sentiment.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.33 or 0.5% at $66.71 a barrel.

Gold futures are down $25.60 or 0.76% at $3,333.50 an ounce, while Silver futures are down $0.129 or 0.34% at 37.990 an ounce.