Bay Street May Open Slightly Higher; U.S. Inflation Data In Focus

(RTTNews) - Higher crude oil and metal prices indicate a slightly positive start for the Canadian market on Thursday, but the more likely pointer for stocks could be U.S. consumer price inflation data, due before the opening bell.

On the Canadian economic front, employment data for the month of September is due Friday morning. A report on Canadian building permits is also due tomorrow.

Boralex Inc. (BLX.TO) announced that it has acquired the yet to be constructed Sallachy Wind Farm project from German wind developer WKN, a subsidiary of the PNE Group. The terms of the deal were not provided. Upon completion of construction, the wind farm will consist of nine wind turbines with a blade tip height of up to 149.9 metres and a combined installed generating capacity of up to 50MW, Boralex said.

The Canadian market climbed to a new record high on Wednesday, lifted by gains in technology and consumer discretionary stocks. The mood remained positive amid continued optimism about more interest rate cuts by the Federal Reserve, and several other central banks.

Investors digested the minutes of the Federal Reserve's monetary policy meeting, and looked ahead to U.S. consumer price inflation data, due on Thursday.

The benchmark S&P/TSX Composite Index ended with a gain of 152.39 points or 0.63% at 24,224.90, slightly off the new all-time high of 24,230.05.

Asian stocks closed higher on Thursday, with Chinese and Hong Kong markets leading the surge on hopes that policymakers will announce more stimulus to revive growth at a press briefing by China's finance ministry on Saturday.

Also, a survey showed China's average daily home sales during the Golden Week holiday leapt 23% by floor area from the same period last year, spurring hopes of a property market recovery.

European stocks are weak as investors await U.S. consumer price inflation data for clues about the size of interest-rate cuts by the Federal Reserve. The downside is limited thanks to data showing an increase in Germany's retail sales in the month of August. UK house prices turned positive on expectations of more interest rate cuts by the Bank of England.

In commodities, West Texas Intermediate Crude oil futures are up $0.92 or 1.24% at $74.16 a barrel.

Gold futures are gaining $4.50 or 0.18% at $2,630.50 an ounce, while Silver futures are up $0.130 or 0.41% at $30.800 an ounce.