Bay Street Likely To Open With Positive Bias

(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Friday, tracking firm crude oil prices. The market is likely to move in a tight range, with investors reacting to retail sales data and looking ahead to the Federal Reserve's policy meeting next week.

Data on Canadian retail sales for the month of May is due at 8:30 AM ET. The New Housing Price Index reading for the month of June and preliminary estimates for Canadian manufacturing sales for the month of June, are also due at 8:30 AM ET.

Retail sales in Canada increased 1.1% in April over the previous month.

The Canadian market closed lower on Thursday, hurt by losses in technology and materials shares, reacting to updates from U.S. firms Netflix and Tesla, and weak bullion prices.

The benchmark S&P/TSX Composite Index, which opened flat and fell to a low of 20,412.37 around mid morning, ended the day's session with a loss of 54.30 points or 0.26% at 20,436.87.

Asian stocks ended on a muted note Friday as fresh U.S. labor market data spurred concerns that the Federal Reserve will keep interest rates higher for longer to rein inflation.

Investors also looked ahead to central bank meetings in the U.S., Europe and Japan next week for further clues on the rate outlook.

European stocks are turning in a mixed performance with investors largely making cautious moves, looking ahead to upcoming central bank meetings.

In commodities, West Texas Intermediate Crude oil futures are up $0.91 or 1.2% at $76.55 a barrel.

Gold futures down $4.00 or 0.2% at $1,966.90 an ounce, while Silver futures are up $0.023 or 0.1% at $24.985 an ounce.