Bay Street May Open With Positive Bias

(RTTNews) - Canadian shares may open with a positive bias on Friday, tracking higher crude oil and bullion prices.

However, uncertainty about the pace of global economic recovery due to the continuous surge in coronavirus infections in India and Japan may hurt sentiment and limit market's upside.

A flash reading of Canada's wholesale sales for the month of March is due out at 8:30 AM ET.

The Canadian market ended weak on Thursday after languishing in the red right through the day's session. The benchmark S&P/TSX Composite Index ended down by 111.61 points or 0.58% at 19,031.64, after plunging to a low of 18,988.68.

Sun Life Financial (SLF.TO) announced that it has agreed to acquire U.S. based medical intelligence and health-care navigation provider Pinnacle Care International for US$85 million. PinnacleCare will become part of Sun Life's U.S. Stop-Loss & Health business, the largest independent stop-loss provider in the country.

Asian stocks ended mixed on Friday as the mood remained cautious amid renewed worries over the coronavirus pandemic and reports suggesting that U.S. President Joe Biden planned to raise capital gains tax for wealthy individuals denting sentiment.

European stocks are drifting lower as reports of U.S. tax hikes offset data showing an acceleration in euro zone economic recovery in April despite coronavirus restrictions.

In commodities, West Texas Intermediate Crude oil futures for June are up $0.35 or 0.57% at $61.78 a barrel.

Gold futures are gaining $7.50 or 0.43% at $1,789.30 an ounce, while Silver futures are rising $0.085 or 0.32% at $26.265 an ounce.

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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