Firm Commodity Prices Pointing To Positive Start On Bay Street; GDP Data In Focus

(RTTNews) - Canadian shares are likely to open higher, tracking firm crude oil and bullion prices. Data on Canadian GDP and U.S. personal consumption expenditure are likely to significantly impact the market.

Data on Canadian GDP is due at 8:30 AM ET. According to preliminary estimates, the Canadian economy likely stagnated from the previous month in October of 2022.

Despite staging a fairly good recovery from mid-session lows, the Canadian market ended on a very weak note on Thursday as worries about growth and rising interest rates hurt sentiment. In September, the economy expanded by 0.1%, in line with preliminary estimate.

The benchmark S&P/TSX Composite Index ended with a loss of 221.44 points or 1.13% at 19,349.66, around 175 points off the session's low of 19,173.83.

Asian stocks fell on Friday, Treasury yields moved up and the dollar index rose as strong U.S. data released overnight fueled worries that the Federal Reserve would stick to its aggressive tightening path for longer to tame inflation.

U.S. weekly jobless claims data pointed to a still tight labor market and third-quarter GDP data was revised higher, renewing hawkish Federal Reserve bets and raising concerns about an economic contraction in 2023.

European markets are quite subdued with investors largely staying on the sidelines ahead of the Christmas break. The UK market will close early today.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.01 or 2.53% at $79.50 a barrel.

Gold futures are gaining $10.50 or 0.6% at $1,805.80 an ounce, while Silver futures are up $0.333 or 1.4% at $23.955 an ounce.