Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares may open on mixed note Friday morning with investors tracking global stocks and commodity prices, and reacting to Canadian GDP report and U.S. PCE price index reading.

Canadian Western Bank (CWB.TO) reported a net income of $41 million for the third-quarter of its current financial year, down 46% from the preceding quarter.

Laurentian Bank of Canada (LB.TO) reported net income of $34.1 million and diluted earnings per share of $0.67 for the third quarter of 2024, compared with net income of $49.3 million and diluted earnings per share of $1.03 for the third quarter of 2023.

On the economic front, data on Canadian second-quarter GDP is due at 8:30 AM ET. The Canadian economy expanded by 0.4% in the first quarter of this year, accelerating from a downwardly revised flat reading in the previous period.

According to a report from the Canadian Federation of Independent Business, the business barometer in Canada, a long-term index reflecting 12-month forward expectatins for business performance in the country, rose to a 2-year high of 56.8 in August from the upwardly revised 55.5 in the previous month.

After recording losses in the previous two sessions, the Canadian market ended on a positive note on Thursday despite paring a substantial portion of its intraday gains.

The benchmark S&P/TSX Composite Index, which climbed about 210 points to 23,336.93, settled at 23,227.49, gaining 100.51 points or 0.43%.

Asian stocks advanced on Friday as strong U.S. GDP and labor market data hinted at a soft landing for the world's largest economy.

European stocks are up in positive territory with traders digesting a slew of regional data and looking ahead to the release of core PCE price index, a key U.S. inflation measure, due later in the day for further direction.

Eurozone inflation fell sharply in August to its lowest level since mid-2021 due to falling energy costs, Eurostat data showed - adding impetus to calls for cuts to interest rates in the region. Consumer prices slowed to 2.2% in August from 2.6 percent in July this year.

French inflation cooled to a three-year low in August. INSEE statistics agency reported that French consumer prices rose 1.9% in August, down from 2.3% a month earlier and falling below the European Central Bank's two-percent target for the first time since August 2021.

In commodities, West Texas Intermediate Crude oil futures are down $0.12 or 0.14% at $75.79 a barrel.

Gold futures are down $7.60 or 0.29% at $2,552.70 an ounce, while Silver futures are lower by $0.089 or 0.3% at $29.900 an ounce.