Bay Street Likely To Open Higher

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(RTTNews) - Higher Canadian and U.S. futures and firm crude oil prices are pointing to a positive start for the Canadian market on Friday.

The focus will be on Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Economic Symposium in Wyoming.

Comments from central bankers, particularly the Fed Chair, are keenly awaited. Powell's comments is likely to provide significant clues about the Fed's future interest-rate path.

Data on Canadian wholesale sales for the month of July is due at 8:30 AM ET.

The Canadian market ended weak on Thursday, weighed down by losses in technology and energy sectors.

The benchmark S&P/TSX Composite Index settled with a loss of 103.96 points or 0.52% at 19,775.83. The index, which opened marginally down, moved higher subsequently, but retreated soon and spent the rest of the day's session in negative territory.

Asian stocks ended weak on Friday, with profit booking in tech stocks and hawkish signals from some Federal Reserve officials weighing on regional markets. Investors also awaited more clarity on monetary policy from the Jackson Hole Symposium.

European stocks are up in positive territory, riding on some encouraging regional economic data.

Destatis reported that the German economy stabilized in spring after slight declines in the previous two quarters. Gross domestic product posted nil growth in the second quarter after a 0.1% fall in the first quarter and a 0.4% decline in the fourth quarter of 2022.

In commodities, West Texas Intermediate Crude oil futures are up $1.07 or 1.35% at $80.12 a barrel.

Gold futures are up marginally at $1,947.80 an ounce, while Silver futures are gaining $0.095 or 0.34% at $24.325 an ounce.

Japan Producer Price Data Due On Wednesday

Japan will on Tuesday release May figures for producer prices, highlighting a light day for Asia-Pacific economic activity. In April, producer prices were up 0.2 percent on month and 4.0 percent on year.

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Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

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Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

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Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

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Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

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European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

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TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

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U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

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EURUSD	1.14321	GBPUSD	1.35011	AUDUSD	0.65253
USDJPY	144.912	USDCAD	1.36676	USDCHF	0.82234

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Bay Street Likely To Open Higher