Markets

Bay Street Likely To Open With Positive Bias

(RTTNews) - Canadian shares may open with a positive bias on Friday, tracking higher gold prices, and data showing a marginal increase in Canadian retail sales.

Worries about rising coronavirus cases and uncertainty about the pace of economic recovery may weigh on the market.

In Canadian economic news, data showed retail sales in Canada rose 0.6% in July over the previous month. Retail sales ex-autos dropped to minus 0.4% in July from 15.7% in June 2020. Compared to retail sales in July 2019, sales were up 2.7% in July this year.

Wholesale sale in Canada were up 4.3% over a month earlier in July, after rising 18.5% in June.

On Thursday, the benchmark S&P/TSX Composite Index, which tumbled nearly 200 points in early trades to 16,103.07, ended the day with a loss of 48.94 points or 0.3% at 16,246.72.

SSR Mining Inc. (SSRM.TO) (ASX: SSR) has announced updated full year 2020 outlook following the successful completion of the merger of equals transaction with Alacer Gold Corp. The company expects to produce, on a consolidated basis, 680,000 to 760,000 gold equivalent ounces from its four operating mines at consolidated all-in sustaining costs of $965 to $1,040 per ounce.

Asian stocks ended mixed on Friday after a cautious session amid concerns about rising coronavirus cases and global economic growth. Investors were digesting the latest policy announcements from the Federal Reserve, the Bank of Japan and Bank of England.

European shares are swinging between gains and losses amid largely cautious moves by investors following a lack of fresh stimulus measures from global central banks. Travel-related stocks are under pressure amid worries about the second second wave of coronavirus infections in the region.

The World Health Organization has warned that the weekly jump in virus cases in Europe is higher than the region's first coronavirus peak in March.

In commodities, West Texas Intermediate Crude oil futures for October are down $0.25 or 0.6% at $40.72 a barrel.

Gold futures are rising $10.00 or 0.5% at $1,959.90 an ounce. Silver futures are up $0.150 or 0.55% at $27.250 an ounce, while Copper futures are down $0.0030 or 0.1% at $3.0680 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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