Bay Street Likely To Open Slightly Up
(RTTNews) - Canadian stocks may open marginally up on Friday, riding on some buying in materials and energy sectors thanks to higher commodity prices. Middle East tensions and uncertainty about talks to reopen the Strait of Hormuz making any notable progress could weigh on sentiment and render the mood cautious.
Recent earnings news will continue to impact stocks, and the market is likely to see a choppy ride.
Data from Statistics Canada showed manufacturing sales in Canada decreased 0.1% in June after a 1.3% drop in May. Wholesale Sales in Canada increased 2.8% in June after remaining unchanged in May.
A separate data from Statistics Canada showed Canada's manufacturing capacity utilization rate increased to 82.3% in June from 82.2% in May.
The Canadian market closed higher on Thursday, extending gains to a fifth straight session, despite the standoff between the U.S. and Iran over the reopening of the Strait of Hormuz as well as the deadlock in the Canada-U.S. negotiations for smoother trade ties.
The benchmark S&P/TSX Composite Index slipped into negative territory after a positive start but gained in some strength as the day progressed to eventually settle at 36,759.29, gaining 97.15 points or 0.26%.
Asian stocks turned in a mixed performance on Friday, even as signs of slowing U.S. inflation and a retreat in oil prices raised optimism that the U.S. Federal Reserve would hold interest rates steady next month.
The major European markets are exhibiting a mixed trend today with trading mostly lackluster in some of the markets amid a lack of significant triggers.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.65 or 0.8% at $81.90 a barrel.
Gold futures are gaining $15.90 or 0.36% at $4,436.30 an ounce, while Silver futures are up $0.177 or 0.27% at $65.170 an ounce.
