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Bay Street Likely To See Cautious Open
(RTTNews) - The Canadian market is likely to open on a cautious note on Thursday with investors looking for direction.
U.S. third-quarter GDP data, due at 8:30 AM ET, is likely to provide some clues about the Fed's likely policy stance.
Canada's average weekly earnings data is also due at 8:30 AM ET.
Canadian stocks ended on a buoyant note on Wednesday thanks to sustained buying at several counters right through the day's session.
Firm crude oil prices, a drop in Canadian consumer price inflation, and data showing a significant improvement in U.S. consumer confidence, contributed to the positive sentiment in the market.
The benchmark S&P/TSX Composite Index ended with a gain of 264.21 points or 1.37% at 19,571.10.
Asian stocks ended broadly higher on Thursday, tracking Wall Street's strong performance overnight. Sentiment was further underpinned after China said it would implement policies to support growth in 2023.
"Making good efforts will help stabilize growth next year. We should seize the time window and pay close attention to the implementation of policies," state media quoted the cabinet as saying after a regular meeting.
European stocks have turned subdued after a positive start, as the mood remains cautious ahead of upcoming Christmas holidays.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.11 or 1.42% at $79.41 a barrel.
Gold futures are down slightly at $1,825.20 an ounce, while Silver futures are lower by $0.234 or 0.97% at $23.970 an ounce.
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