Canadian Market Likely To Open Higher

(RTTNews) - Bay Street is seen opening on a firm note on Friday, tracking firm crude oil and bullion prices.

Investors will be reacting to the latest batch of earnings news from Canadian and U.S. companies as well.

Data on Canada's gross domestic product for the month of May is due at 8:30 AM ET. Canada's economy is expected to have grown by 0.4% in May. GDP for April was revised downwards to 0% from the initial 0.2%.

In earnings news, Canadian Pacific Kansas City (CP.TO) reported second-quarter net income of $1,325 million, compared to $765 million in the year-ago quarter.

TC Energy Corp (TRP.TO) reported second-quarter net income of $0.3 billion or $0.24 per common share compared to $0.9 billion or $0.90 per common share in second quarter 2022.

Imperial Oil Limited (IMO.TO) reported second-quarter net income of $675 million or $1.15 per share on a diluted basis, compared to $2,409 million or $3.63 per share in the second quarter of 2022. The company cited lower commodity prices and increased planned planned turnaround activity as the reason for the lower net earnings.

The Canadian market ended weak on Thursday, weighed down by losses in real estate, communications, materials and utilities sectors.

Weak bullion prices hurt materials shares. Investors were also reacting to quarterly earnings updates. The market also digested the European Central Bank's monetary policy.

The benchmark S&P/TSX Composite Index ended lower by 176.17 points or 0.86% at 20,385.47.

Asian stocks ended mixed on Friday, as bond yields crept up after the release of upbeat U.S. economic data and a shift in BOJ policy.

Japan's benchmark bond yield soared to a nine-year high and the yen rallied after the Bank of Japan adjusted its bond purchase policy -marking a step toward allowing interest rates to rise.

Chinese shares logged strong gains on stimulus hopes after state media quote the housing minister as saying that the country needs measures such as lower home mortgage rates to help spur home purchases.

European stocks are turning in a mixed performance, with the UK market outperforming on the back of encouraging earnings updates. Markets in Germany and France are slightly weak.

In commodities, West Texas Intermediate Crude oil futures are down $0.29 or 0.37% at $79.80 a barrel.

Gold futures are up $8.20 or 0.42% at $1,953.90 an ounce, while Silver futures are gaining $0.063 or 0.26% at $24.430 an ounce.