Bay Street Likely To Open On Cautious Note

(RTTNews) - Data on Canada's GDP and U.S. personal income & spending are likely to set the trend for the Canadian market at the start on Friday. The mood is likely to remain a bit cautious.

Investors will continue to react to quarterly earnings updates from Canadian companies.

Data on Canada's GDP growth for the month of February is due at 8:30 AM ET. The Canadian economic activity likely increased by 0.3% over a month earlier in February 2023, according to preliminary estimates. In January, the GDP increased by 0.5%, following a slight 0.1% contraction in December.

In earnings news, TC Energy Corporation (TRP.TO) reported first-quarter net income of $1.3 billion or $1.29 per common share compared to $0.4 billion or $0.36 per common share in first quarter 2022.

Imperial Oil (IMO.TO) reported first-quarter net income of $1,248 million, compared with net income of $1,173 million in the year-ago quarter.

Cameco Corporation (CCO.TO) reported a net income of $119 million for the quarter ended March 31, 2023, compared with net income of $40 million a year ago.

After posting losses for three straight sessions, the Canadian market saw some sustained buying at several counters from across various sectors on Thursday to end the day's session on a firm note.

The benchmark S&P/TSX Composite Index ended with a gain of 155.92 points or 0.77% at 20,522.64 after scaling a low of 20,400.81 and a high of 20,546.69 intraday.

Asian stocks advanced on Friday after solid earnings from Meta Platforms boosted sentiment on Wall Street overnight.

European stocks are weak despite coming off lows. Data showing a slower pace of growth of the euro zone economy in the first quarter of the year is weighing on sentiment. Weak employment data from Germany and a rise in French consumer price inflation are also weighing on stocks.

In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.58% at $75.19 a barrel.

Gold futures are down $6.70 or 0.34% at $1,992.00 an ounce, while Silver futures are down $0.123 or 0.49% at $24.860 an ounce.