Bay Street Likely To Open Higher On Positive Global Cues

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(RTTNews) - Higher U.S. and Canadian futures, firm commodity prices and rising European stocks point to a positive start for the Canadian market on Friday. Trade war worries might weigh a bit and limit market's upside.

Wheaton Precious Metals (WPM.TO) reported adjusted net earnings of $198.97 million for the fourth quarter of 2024, compared with $164.57 million a year ago.

NFI Ltd., (NFI.TO) reported fourth quarter net earnings of $18.6 million, an increase of $20.9 million. Net earnings per share came in at $0.16.

Data on manufacturing sales and new motor vehicles sales for the month of January, are due at 8:30 AM ET.

The Canadian market ended notably lower on Thursday, with its benchmark S&P/TSX Composite Index falling to a four-and-a-half-month low, as rising concerns about global economic growth due to the trade war triggered heavy selling at several counters from across various sectors.

After U.S. President Donald Trump slapped new tariffs on steel and aluminum exported by Canada into the U.S., the Canadian government announced retaliatory tariffs on $29.8 billion of U.S. goods. Trump also threatened to impose a 200% tariff on wines, champagnes and alcoholic products imported into the U.S. from France and other countries in the European Union.

The S&P/TSX Composite Index closed down 220.11 points or 0.9% at 24,203.23, nearly 60 points off the day's low of 24,145.59.

Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown.

Chinese and Hong Kong markets rallied after Chinese authorities announced late on Thursday that they would hold a press conference on "boosting consumption" on Monday.

European stocks are up firmly in positive territory today with investors shrugging off tariff concerns now, and focusing on earnings and other corporate news. Some optimism about a ceasefire in Ukraine, and bargain hunting in banking and mining sectors contribute to the rise in stock prices.

In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.63% at $66.98 a barrel.

Gold futures are gaining $17.40 or 0.58% at $3,008.70 an ounce, while Silver futures are up $0.409 or 1.19% at $34.715 an ounce.

U.S. Job Openings Fall To Ten-Month Low In July

Job openings in the U.S. fell to their lowest level in ten months in July, according to a report released by the Labor Department on Wednesday. The Labor Department said job openings dipped to 7.181 million in July after tumbling to a downwardly revised 7.357 million in June.

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U.S. Factory Orders Slump Roughly In Line With Estimates In July

A report released by the Commerce Department on Wednesday showed an extended slump by new orders for U.S. manufactured goods in the month of July. The Commerce Department said factory orders fell by 1.3 percent in July after plunging by 4.8 percent in June. Economists had expected factory orders to decrease by 1.4 percent.

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Eurozone Private Sector Growth At 1-Year High

The euro area private sector expanded at the fastest pace in a year in August but the overall pace was sluggish as the service sector held back growth, final survey data from S&P Global showed on Wednesday. The HCOB composite output index rose to 51.0 in August from 50.9 in July. The score was slightly below the initial estimate of 51.1.

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Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a somewhat mixed note on Wednesday, tracking commodity prices. With some crucial economic data, including jobs data from Canada and the U.S. due later in the week, the mood is likely to remain cautious.

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FTSE Up Nearly 0.6%; Miners Among Top Gainers

The U.K. market remains well placed in positive territory in early afternoon trades on Wednesday, coming back strongly after posting a notable loss in the previous session. Mining stocks are among the prominent gainers.

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CAC 40 Up Nearly 1%; Schneider Electric Rises Over 3.5%

French stocks are up firmly in positive territory on Wednesday, recovering strongly after suffering a setback in the previous session amid concerns over debt sustainability in major economies across Europe and Asia, and political uncertainty in France.

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Sensex, Nifty End Higher After Choppy Trade

Indian shares closed higher on Wednesday despite weak cues from global markets as investors grappled with rising bond yields and renewed trade uncertainty.

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DAX Moderately Higher As Stocks Recover After Recent Tumble

The German market is gaining some ground in positive territory on Wednesday, with several counters attracting buyers after suffering a sharp setback in the previous session amid uncertainty about prospects of growth in major economies in Europe.

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EURUSD	1.16708	GBPUSD	1.34497	AUDUSD	0.65487
USDJPY	147.947	USDCAD	1.3786	USDCHF	0.8033