RSS Bay Street Seen Opening With Slightly Positive Bias

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 RSS Bay Street Seen Opening With Slightly Positive Bias

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Canadian equities are set to open with a slight upward inclination on Friday morning, buoyed by energy stocks benefiting from elevated oil prices. However, trading activity might remain subdued due to persisting trade war concerns and caution in anticipation of next week's Federal Reserve policy announcement.

Economic data, including Canadian manufacturing sales, wholesale sales, and new motor vehicle sales figures for October, are scheduled for release at 8:30 AM ET. Additionally, a report on third-quarter capacity utilization will be issued at the same time.

TerraVest Industries reported a net income of $12.83 million for the fourth quarter, marking a decline from $17.39 million in the corresponding quarter of the previous year.

On Thursday, the Canadian market experienced a significant downturn, with notable declines in stock values driven by ongoing selling pressure attributable to weak commodity prices and rising apprehensions regarding U.S. President-elect Donald Trump's tariff threats. The benchmark S&P/TSX Composite Index fell by 246.99 points, or 0.96%, to close at 25,410.71, marking a two-week low.

Asian markets presented mixed results on Friday following a commitment from Chinese leaders at the Central Economic Work Conference in Beijing. This key economic meeting, which sets policy priorities for the upcoming year, saw top officials promise rate cuts and reductions in bank reserve requirements to support economic growth and ensure employment and price stability. Nevertheless, specifics regarding fiscal stimulus and monetary easing measures were notably absent.

Meanwhile, European stocks are experiencing a lack of momentum today, pressured by discouraging economic data from Germany and the UK.

In the commodities market, West Texas Intermediate Crude oil futures have risen by $0.56, or 0.8%, to $70.58 per barrel. Gold futures have declined by $18.10, or 0.66%, to $2,691.30 per ounce, while silver futures have decreased by $0.299, or 0.95%, to $31.320 per ounce.

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