Bay Street Likely To Open On Positive Note

(RTTNews) - Higher U.S. and Canadian futures amid mild optimism about U.S.-China trade deal following reports about an invitation from Beijing to top U.S. officials for a fresh round of discussions point to a positive start for Canadian shares Friday morning.

According to a report in South China Morning Post, Chinese President Xi Jinping said the country is working for an agreement on the basis of 'mutual respect and equality' for phase one agreement.

However, he said China will not shy away from retaliation if necessary.

Jinping made these comments while speaking to delegates and journalists at the Bloomberg New Economy Forum in Beijing.

Data on Canadian retail sales for the month of September, due at 8.30 AM ET, will also make an impact on price movements in the market.

On Thursday, the benchmark S&P/TSX Composite Index ended down 6.63 points, or 0.04%, at 16,999.19. The index, which advanced to 17,019.53 at the start, touched a low of 16,950.79 around mid morning.

In company news, Loblaw Limited (L.TO) announced the launch of a "Curated marketplace" online Thursday that will include new brands and products, in order to compete with Amazon for Canadian market share.

MEG Energy Corp. (MEG.TO) today announced a capital budget of $250 million, to be fully funded with a portion of expected 2020 adjusted funds flow. The company expects to produce 94,000 to 97,000 barrels per day in 2020, taking into account a planned major turnaround with an anticipated 2,500 barrels per day impact on production for the year.

Asian markets ended mixed on Friday amid worries about global economic slowdown and on concerns over trade conflicts.

European stocks are moving higher, reacting to reports that Chinese Vice Premier Liu He has invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for a fresh round of trade talks.

Economic data from the euro area, however, continue to raise concerns. Euro area private sector remained close to stagnant for a third consecutive month in November, data from IHS Markit showed.

German economy avoided a technical recession in the third quarter and Germany's private sector revealed a moderate contraction in November.

The UK private sector contracted at the fastest pace in more than two years in November, weighed down by a lack of clarity over Brexit and on political uncertainty.

In commodities, crude oil futures for January are down $0.11, or 0.19%, at $58.47 a barrel.

Gold futures for December are rising $7.70, or 0.53%, at 1,471.30 an ounce.

Silver futures for December are up $0.085, or 0.5%, at $17.150 an ounce, while Copper futures for December are gaining $0.0130, or 0.5%, at $2.6365 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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