Bay Street Seen Opening With Slightly Positive Bias

(RTTNews) - Canadian shares may open with a slightly positive bias Friday morning with energy stocks finding support from higher oil prices. Trading is likely to remain a bit lackluster due to trade war fears and caution ahead of next week's policy announcement from the Federal Reserve.

Data on Canadian manufacturing sales, wholesale sales and new motor vehicles sales, all for the month of October, are due at 8:30 AM ET.

A report on capacity utilization in the third quarter is also due at 8:30 AM ET.

TerraVest Industries (TVK.TO) reported fourth-quarter net income of $12.83 million, compared to $17.39 million in the year-ago quarter.

The Canadian market closed notably lower on Thursday as stocks tumbled on sustained selling pressure due to weak commodity prices and rising concerns about U.S. President-elect Donald Trump's tariff threats.

The benchmark S&P/TSX Composite Index ended with a loss of 246.99 points or 0.96% at 25,410.71, a more than two week low.

Asian stocks ended mixed on Friday after Chinese leaders pledged more stimulus measures during a two-day huddle of the Central Economic Work Conference in Beijing, a key economic meeting that sets policy priorities for the coming year.

Top officials vowed to deliver rate cuts and lower the reserve requirement for banks to maintain economic growth and ensure overall stability of employment and prices. However, the meeting lacked policy details of fiscal stimulus and monetary easing steps.

European stocks are subdued today, weighed down by disappointing economic data from Germany and the UK.

In commodities, West Texas Intermediate Crude oil futures are up $0.56 or 0.8% at $70.58 a barrel.

Gold futures are down $18.10 or 0.66% at $2,691.30 an ounce, while Silver futures are lower by $0.299 or 0.95% at $31.320 an ounce.