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Bay Street Likely To Open Higher On Firm Commodities, Trade Deal Hopes
(RTTNews) - Higher U.S. and Canadian futures, firm commodity prices, and fairly encouraging U.S. economic data point to a positive start for the Canadian market Friday morning.
Reports that trade talks between Canada and South American countries, including Brazil and Argentina are in advanced stages may help ease trade concerns.
Also, Canadian Primer Minister Mark Carney is in talks with U.S. President Donald Trump to arrive at a trade agreement before the August 1 deadline.
Canadian stocks moved sharply higher on Thursday as Prime Minister Mark Carney addressed the challenges confronting the economy from the US and hinted at measures to save domestic businesses.
The benchmark S&P/TSX Composite Index reached an intra-day high of 27,422.42 before finally settling at 27,386.93, up by 233.96 or 0.86%.
Asian stocks gave up early gains to end mixed on Friday as tariff-related worries offset encouraging tech earnings and positive U.S. economic data.
The dollar index pulled back slightly after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to counter rising growth and job market risks.
European stocks are somewhat subdued today despite opening on a positive note. The focus is on earnings updates and other corporate news.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.27 or 1.88% at $68.81 a barrel.
Gold futures are gaining $20.10 or 0.6% at $3,365.40 an ounce, while Silver futures are up $0.412 or 1.08% at $28.715 an ounce.
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