Bay Street Likely To Open Higher

(RTTNews) - Higher futures point to a positive start for the Canadian stock market on Friday. However, weak crude oil prices and worries about the economy due to concerns over the continued surge in coronavirus cases may cap market's gains.

U.S. drugmaker Pfizer Inc's announcement that it is likely to apply for emergency use of its Covid-19 vaccine candidate by the third week of November may aid sentiment.

Canada Manufacturing Sales data for the month of August is due at 8:30 AM ET.

Canadian stocks recovered after a weak start on Thursday. The benchmark S&P/TSX Composite Index, which plunged to 16,289.96 in early trades, losing nearly 170 points in the process, ended the session with a gain of 45.63 points or 0.28% at 16,501.03.

Air Canada (AC.TO) announced that its chief executive Calin Rovinescu will retire next year after leading the company for more than a decade. The airline said Rovinescu will step down on Feb. 15. Michael Rousseau, Air Canada's deputy chief executive and chief financial officer, has been named to succeed him.

Canadian Pacific Railway (CP.TO) and OMERS, the defined benefit pension plan for municipal employees in the province of Ontario , announced today they have entered into a purchase agreement whereby CP will acquire full ownership of the Detroit River Rail Tunnel from certain affiliates of OMERS. The purchase price is approximately US$312 million. CP already owns a 16.5% stake of the tunnel partnership with OMERS.

Asian stocks ended mixed on Friday as uncertainty about new U.S. fiscal stimulus coupled with the resurgence in coronavirus cases in Europe stoked concerns about a global economic recovery.

European shares are up firmly in positive territory in early afternoon trades, rebounding from two-week lows, though the mood remains cautious amid concerns surrounding a fresh round of lockdowns, vaccine delays and the stalemate in the U.S. over fiscal stimulus.

In commodities, West Texas Intermediate Crude oil futures for November are down $0.40 or 0.98% at $40.56 a barrel.

Gold futures are gaining $6.00 or 0.32% at $1,914.90 an ounce. Silver futures are rising $0.321 or 1.3% at $24.545 an ounce, while Copper futures are down $0.0080 or 0.25% at $3.0775 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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