RSS Bay Street Likely To Open On Mixed Note

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 RSS Bay Street Likely To Open On Mixed Note

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Canadian equity markets are expected to have a mixed start to Friday's trading, with the potential for a narrow trading range as investors look for further indicators the market direction. Upcoming employment data from both Canada and the United States, set to be released later next week, may offer insights into future interest rate decisions by the Bank of Canada and the Federal Reserve.

In corporate developments, Rogers Communications Inc. (RCI.TO) has adjusted its forecast for annual service revenue growth, attributing the downward revision to anticipated lower media revenues in the fourth quarter. Rogers now projects a full-year service revenue growth of just over 7%, a decrease from its previous guidance range of 8% to 10%.

The Canadian stock market ended Thursday's session on a positive note, driven by gains in materials and energy stocks, boosted by strong metal and crude oil prices. Additionally, data indicating ongoing growth in Canada's manufacturing sector supported market sentiment.

The S&P/TSX Composite Index, which reached 25,003.17 during the session, concluded the day up by 170.09 points, or 0.69%, at 24,898.03. Data from S&P Global indicated that Canadian manufacturing activity has expanded for the fourth month in a row.

On the Asian front, stock markets concluded Friday's session with mixed results, despite optimistic expectations surrounding China's commitment to implementing growth-stimulating measures in the coming year.

According to the Financial Times, in an effort to stimulate credit demand, China's central bank is anticipated to reduce interest rates from the current rate of 1.5% "at an appropriate time" in 2025.

In Europe, stocks are trending lower as cautious investors await further directional indicators, following a strong start to the new calendar year.

In the commodities market, West Texas Intermediate crude futures have decreased by $0.10 or 0.14%, currently trading at $73.03 per barrel. Gold futures have seen a slight increase to $2,669.70 per ounce, while silver futures have risen by $0.310, or 1.04%, to $30.210 per ounce.

The material has been provided by InstaForex Company - www.instaforex.com
 
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