Bay Street Likely To Open On Firm Note

(RTTNews) - Higher crude oil and bullion prices, and strong European stocks points to a firm start for the Canadian market Friday morning. The focus will be on U.S. non-farm payroll data, which is likely to provide some clues about the Federal Reserve's interest rate move next week.

On the Canadian economic front, a reading on the nation's manufacturing activity in the month of October is due at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI rose to 50.4 in September 2024 from 49.5 in August, signaling the first improvement in operating conditions since April 2023.

Eldorado Gold Corp. (ELD.TO) reported net earnings of $101.1 million or $0.49 per share for the third-quarter, compared to last year's loss of $6.6 million or $0.03 per share.

Ensign Energy Services (ESI.TO) reported net income of C$5.3 million or C$0.03 per common share for the third-quarter of this financial year, compared to a net loss of C$5.2 million or C$0.03 per common share, a year ago.

Air Canada (AC.TO) reported net income of C$2.035 billion or C$5.38 per share for the third quarter, lower than C$1.250 or C$3.08 per share in the same quarter a year ago. Excluding one-time items, adjusted earnings decreased to C$969 million or C$2.57 per share from C$1.281 billion or C$3.41 per share in the prior year.

Magna International Inc. (MG.TO), announced that its board has approved a proposal to buy back up to around 28.5 million shares, or approximately 10% of the public float.

The Canadian market ended sharply sharply lower on Thursday due to heavy selling at several counters, as disappointing earnings updates from U.S. tech majors Microsoft Inc., and Meta Platforms, and uncertainty about the outlook for interest rate cuts, weighed on sentiment.

The benchmark S&P/TSX Composite Index ended down 350.92 points or 1.43% at 24,156.87. The index tumbled to a low of 24,098.49, a three-week low, in the session.

Asian stocks ended mostly lower on Friday, even as Hong Kong markets edged up after the release of positive readings on Chinese manufacturing activity and home sales. A cautious undertone prevailed elsewhere across Asia due to mixed earnings from U.S. technology companies, persisting Middle East tensions and uncertainty ahead of next week's U.S. presidential elections.

European stocks are up firmly in positive territory ahead of the release of U.S. non-farm payroll report.

In commodities, West Texas Intermediate Crude oil futures are up $1.50 or 2.17% at $70.76 a barrel.

Gold futures are gaining $13.20 or 0.5% at $2,762.50 an ounce, while Silver futures are up $0.164 or 0.5% at $32.960 an ounce.