Bay Street Seen Opening Higher

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(RTTNews) - The Canadian market may open higher on Friday, with materials shares finding some support on firm metal prices. Investors will also be reacting to Canadian retails sales data and U.S. producer prices report.

Data on Canadian retail sales for the month of September is due at 8:30 AM ET. Retail sales in Canada are projected to have increased by 0.4% in September, according to flash estimate. In August, retail sales saw a revised 0.4% increase.

A report on new housing prices in Canada in the month of October is also due at 8:30 AM ET.

New home prices in Canada came in unchanged for the second consecutive month in September.

The Canadian market climbed to new record intraday and closing highs on Thursday, thanks to investors indulging in some hectic buying across the board, after the government unveiled a mini stimulus package to help cash-strapped households struggling under higher debt payments.

The measures announced by the government will cost the Canadian treasury an estimated 6.3 billion Canadian dollars, and include a temporary, two-month sales-tax exemption on certain goods and services. Furthermore, the Liberal government will issue an one time tax-free cash transfer of C$250 to individuals who earn less than C$150,000 Canadian dollars a year.

The benchmark S&P/TSX Composite Index, which climbed to a new record high of 25,402.06, ended the session with a gain of 354.22 points or 1.41% at 25,390.68.

Asian markets closed broadly higher and remained insulated from the turbulence in China's stock markets. Market sentiment in Japan improved considerably after headline inflation rate slowed to a nine-month low.

Weak corporate earnings, worries about economic growth as well as concerns about the efficacy and sufficiency of stimulus measures contributed to the sell-off in China and Hong Kong.

The major European markets are turning in a mixed performance with investors reacting to regional economic data. Weak PMI data weigh on Germany and France markets, while the U.K. market is up, presumably on data showing an improvement in consumer sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.42 or 0.62% at $69.68 a barrel.

Gold futures are gaining $30.20 or 1.13% at $2,705.10 an ounce, while Silver futures are up $0.472 or 1.53% at $31.415 an ounce.

U.S. Pending Home Sales Fall More Than Expected In July

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Eurozone Economic Confidence Weakens In August

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U.S. Economy Surges More Than Previously Estimated In Q2

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U.S. Weekly Jobless Claims Dip Roughly In Line With Estimates

A report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd. The Labor Department said initial jobless claims dipped to 229,000, a decrease of 5,000 from the previous week's revised level of 234,000. Economists had expected jobless claims to slip to 230,000.

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Switzerland Logs Weaker Growth, Trims 2026 Outlook

The Swiss economy expanded modestly in the second quarter, as estimated earlier, and higher U.S. tariffs are set to push down growth prospects, the State Secretariat for Economic Affairs said Thursday. Gross domestic product grew 0.1 percent from the first quarter, unchanged from the flash estimate. Growth softened notably from 0.7 percent in the first quarter.

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U.S. GDP Jumps More Than Previously Estimated In Q2

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U.S. Weekly Jobless Claims Edge Down To 229,000

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EURUSD	1.16798	GBPUSD	1.35168	AUDUSD	0.65335
USDJPY	146.909	USDCAD	1.37492	USDCHF	0.80123