Bay Street Likely To Open Higher

(RTTNews) - Canadian shares may open on a positive note on Thursday, tracking higher bullion prices and firm European stocks. The market is likely to edge higher also on hopes of some monetary easing by the Federal Reserve this year.

Data on Canadian housing starts for the month of December is due at 8:15 AM ET.

Investors also eye Bank of Canada Deputy Governor Tony Gravelle's speech at 12:45 PM ET.

Pan American Silver Corp. (PAAS late on Wednesday said it achieved its 2024 production guidance with 21.1 million ounces of silver and 892,000 ounces of gold produced. The company also achieved guidance for annual production of zinc, lead and copper.

Haivision Systems Inc (Hai.TO) announced after trading hours on Wednesday that it posted a profit of $2.1 million, or $0.07 per share in the fourth quarter, compared with $2.5 million, or $0.08 per share in the fourth quarter of the previous year. The Canadian market closed on a bright note on Wednesday after holding firm right through the day's session, thanks to strong gains in technology, real estate, financials and healthcare sectors.

Investors reacted positively to U.S. consumer price inflation data. The data showed consumer prices rose by slightly more than expected in December, the annual rate of core consumer price growth unexpectedly slowed.

The Labor Department said its consumer price index climbed by 0.4% in December after rising by 0.3% in November. Economists had expected consumer prices to rise by another 0.3%.

The report also said the annual rate of growth by consumer prices accelerated to 2.9% in December from 2.7% in November, in line with economist estimates.

The benchmark S&P/TSX Composite Index ended with a gain of 200.72 points or 0.82% at 24,789.30, about 100 points off the day's high of 24,879.24.

Asian stocks closed higher on Thursday as soft inflation readings from the U.S. spurred expectations for more Fed rate cuts this year.

European stocks are notably higher as investors react positively to U.S. inflation readings and betting on some interest rate cuts by the Fed.

In commodities, West Texas Intermediate Crude oil futures are down $0.71 or 0.89% at $79.33 a barrel.

Gold futures are gaining $12.70 or 0.47% at $2,730.50 an ounce, while Silver futures are up $0.214 or 0.68% at $31.745 an ounce.