Canadian Shares Likely To Open Higher

(RTTNews) - Higher Canadian and U.S. futures and steady bullion prices point to a positive start for Canadian shares on Thursday.

U.S. inflation data is expected to significantly impact the market.

Canadian Tire Corporation (CTC.TO) reported diluted earnings per share of $1.76 in the second quarter of this financial year, compared to $2.43 in the year-ago quarter.

Keyera Corporation (KEY.TO) reported second-quarter net earnings of $159 million, compared to $173 million a year ago.

Onex Corporation (ONEX.TO) reported net earnings of $132 million for the second quarter ended June 30, 2023, compared with net loss of $184 million in the year-ago quarter.

Quebecor Inc (QBR.A.TO) reported adjusted EBITDA of $605.2 million for the second quarter of this financial year, up$113.8 million or 23.2%, compared to the year-ago quarter.

The Canadian market ended modestly higher on Thursday, led by gains in the energy sector. The benchmark S&P/TSX Composite Index fluctuated over the course of the session but maintained a positive bias before closing up 69.29 points or 0.3 percent at 20,275.27.

Asian shares ended Thursday's session on a mixed note as China deflation worries persisted and caution crept in ahead of U.S. consumer price inflation data due later in the day.

European stocks are broadly higher on Thursday ahead of U.S. CPI data that might offer clues on whether the Fed pauses, pivots or marches upwards with rates.

In commodities, West Texas Intermediate Crude oil futures are down $0.35 or 0.41% at $84.05 a barrel.

Gold futures are gaining $4.70 or 0.25% at $1,955.30 an ounce, while Silver futures are up $0.129 or 0.57% at $22.890 an ounce.