Bay Street Likely To Open Slightly Down On Weak Oil Prices

(RTTNews) - The Canadian market may open slightly down on Friday as weak crude oil prices could weigh on energy stocks. However, firm bullion prices, and easing concerns about the outlook for U.S. economic growth are likely to limit market's downside.

Data on Canadian housing starts for the month of July is due at 8:15 AM ET. Final data on Canadian manufacturing sales in the month of June is due at 8:30 AM ET.

In corporate news, Hydro One (H.TO) announced that its subsidiary has priced an offering of $1.2 billion of medium term notes under its sustainable financing framework. The compay said the proceeds will be used to fund eligible green projects under the 2024 framework.

Telus Corp (T.TO) announced on Thursday that it acquired 2.3% of Telus International's (TIXT.TO) subordinate voting shares, equal to 0.9% of all outstanding shares. Telus paid $4.25 per share for the 2.6 million shares it acquired.

Canadian stocks climbed higher on Thursday, tracking gains on Wall Street where stocks rallied sharply after data showed a bigger-than-expected increase in U.S. retail sales last month, and a drop in weekly jobless claims.

The benchmark S&P/TSX Composite Index ended with a gain of 272.71 points or 1.2% at 23,032.72, slightly off the day's high.

Asian stocks advanced on Friday as encouraging U.S. data on inflation and retail sales allayed recession fears in the world's largest economy but prompted traders to push back expectations for aggressive rate cuts by the Federal Reserve.

The dollar and U.S. Treasury yields held broadly steady in Asian trade on growing optimism that the U.S. economy is headed for a soft landing.

European stocks are broadly higher amid easing fears of a recession in the U.S. after stronger than expected retail sales and jobless claims data, and the reports on producer price and consumer price inflation earlier in the week.

In commodities, West Texas Intermediate Crude oil futures are down $2.03 or 2.6% at $76.13 a barrel.

Gold futures are up $14.70 or 0.6% at $2,507.10 an ounce, while Silver futures are down $0.238 or 0.84% at $28.180 an ounce.