Bay Street Looks Headed For Positive Start

(RTTNews) - Canadian shares look headed for a positive start Thursday morning thanks to firm European markets and higher crude oil and gold prices.

Investors will also be reacting to the European Central Bank's policy announcement, and producer price inflation data from the U.S.

Empire Company Ltd. (EMP.A.TO) reported net earnings of $207.8 million ($0.86 per share) for the first quarter ended August 3, 2024, compared to net earnings of $261.0 million ($1.03 per share) last year. For the quarter, the Company recorded adjusted net earnings of $218.7 million ($0.90 per share) compared to $196.2 million ($0.78 per share) last year.

Data on Canadian building permits for the month of July is due at 8:30 AM ET.

After struggling for support till around noon, Canadian stocks climbed higher and lifted the benchmark S&P/TSX Composite Index to a near 2-week high on Wednesday. The mood in the market turned a bit bullish amid easing concerns about inflation in the U.S.

The S&P/TSX Composite Index ended up 208.08 points or 0.9% at 23,211.17.

Asian shares ended higher on Thursday, buoyed by a tech-fueled rally on Wall Street overnight.

The dollar held firm in Asian trading as signs of some stickiness in U.S. inflation dented hopes for a big rate cut at next week's Federal Reserve meeting.

European stocks are up firmly in positive territory ahead of the European Central Bank's monetary policy announcement. The ECB is widely expected to lower interest rates for the second time this year.

In commodities, West Texas Intermediate Crude oil futures are up $1.02 or 1.52% at $68.33 a barrel.

Gold futures are gaining $5.50 or 0.22% at $2,547.90 an ounce, while Silver futures are up $0.197 or 0.67% at $29.125 an ounce.