Bay Street Looks Set To Open On Positive Note
(RTTNews) - Higher commodity prices and gains in European markets point to a positive start on Bay Street Thursday morning.
Concerns about more interest rate hikes from central banks might weigh and limit market's upside.
On the economic front, data on Canadian raw materials prices for the month of July is due at 8:30 AM ET. Producer prices data for July is also due at the same time.
U.S. weekly jobless claims for the week ended August 13 and existing home sales data are due out in the New York session.
The Canadian market ended weak on Wednesday after languishing in negative territory right through the day's session as worries about slowing growth and soaring inflation weighed on sentiment.
The benchmark S&P/TSX Composite Index ended with a loss of 88.53 points or 0.44% at 20,181.44. The index touched a low of 20,130.83.
Asian stocks ended Thursday's session on a subdued note after minutes from the Federal Reserve's July meeting pointed to rates staying higher for longer.
European stocks are broadly higher, reversing initial losses after final Eurostat data showed Eurozone's Inflation surged 8.9% year-on-year in July, matching estimates.
In commodities trading, West Texas Intermediate Crude oil futures for September are up $1.06 or about 1.2% at $89.17 a barrel.
Gold futures are gaining $8.00 or 0.45% at $1,784.70 an ounce, while Silver futures are up $0.104 or 0.53% at $19.835 an ounce.
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