TSX May Open Higher As Commodities Rise
Canada's benchmark index looked set to open higher on Friday, helped by rising precious metal and oil prices .
Action Economics said NYMEX crude steadied overnight. Increased production from Saudi Arabia and Russia, along with the simmering trade war, which could dent China demand for crude are expected to limit upside potential going forward.
Still in commodities, gold, silver, and copper benefited after the dollar traded slightly lower following US employment data. The report revealed that non farm payrolls were lower than expected, although the previous month was revised higher. The unemployment rate fell to 3.9%.
Furthermore, Credit Suisse said trade issues along with the fluid nature of the North American Free Trade Agreement renegotiations create concerns over the Canadian market and the CAD. In light of the commodity "torque" in the Canadian market, the broad upside surprises, especially in magnitude, are hard to ignore.
The TSX gained 32 points on Thursday, paced by tech stocks.
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