Bay Street Likely To Open Flat

(RTTNews) - Canadian shares may open somewhat flat on Friday, and the focus is on the upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin, set to take place in Alaska later in the day.

Final data on Canadian manufacturing and wholesale sales for the month of June are due at 8:30 AM ET.

Data on new motor vehicles sales is also due at 8:30 AM ET.

The Canadian market ended weak on Thursday, retreating from a record high posted a day earlier, as inflation data from the US eased expectations of a substantial Fed rate cut this September. Profit-taking by investors from previous record gains also weighed on the market.

The benchmark S&P/TSX Composite Index stayed in negative territory right through the day's session and settled at 27,915.99, down by 77.44 points or 0.28%.

Asian stocks ended mostly higher on Friday as investors reacted to mixed economic data from China and Japan, and awaited the outcome of the Alaska summit between U.S. and Russian Presidents.

China's Shanghai Composite index rallied 0.83% amid government efforts to boost liquidity in the banking system. China's central bank on Thursday said that it will conduct 500 billion yuan ($69 billion) of outright reverse repos in an attempt to maintain an appropriately accommodative liquidity environment.

European stocks are broadly higher as investors expect a positive outcome from Trump - Putin summit.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.66 or 0.97% at 63.30 a barrel.

Gold futures are up $4.80 or 0.14% at 3,388.00 an ounce, while Silver futures are down $0.134 or 0.35% at 37.935 an ounce.