Bay Street Seen Opening On Firm Note
(RTTNews) - Higher Canadian and U.S. futures and firm commodity prices amid optimism about U.S. debt ceiling deal, point to a positive start for the Canadian market on Friday.
U.S. President Joe Biden and House Speaker Kevin McCarthy hope to finalize a deal on the debt ceiling after Biden returns from the Group of Seven meeting in Japan on Sunday.
Meanwhile, U.S. Treasury Secretary Janet Yellen told top bank executives that a failure to raise the debt ceiling would be "catastrophic" for the financial system.
Data on Canadian retail sales for the month of March is due at 8:30 AM ET.
Despite staying weak almost the entire session on Thursday, the Canadian market ended flat with stocks rallying smartly in the final hour. The benchmark S&P/TSX Composite Index settled at 20,297.09, up 0.66 points, recovering from a low of 20,170.95.
Asian stocks ended mixed on Friday, as hopes that lawmakers in Washington will avert a first-ever U.S. default offset worries about China's uneven economic recovery.
European stocks are up firmly in positive territory as investors indulge in some brisk buying, shrugging off hawkish rhetoric from Fed speakers and remaining hopeful that the U.S. will avert a catastrophic debt default.
In commodities, West Texas Intermediate Crude oil futures are up $1.08 or 1.5% at $72.94 a barrel.
Gold futures are gaining $6.70 or 0.35% at $1,966.50 an ounce, while Silver futures are up $0.112 or 0.47% at $23.745 an ounce.
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