Bay Street Seen Opening On Positive Note

(RTTNews) - Higher TSX futures and crude oil prices, and steady European stocks point to a positive start Canadian shares on Friday. The focus will be on the U.S. Personal Consumption Expenditures (PCE) data.

The PCE data is eyed for more clarity about the Federal Reserve's likely move in the upcoming policy meeting.

In Canadian earnings news, Canfor Corp (CFP.TO) announced on Thursday that its adjusted loss widened to $168.7 million, or $1.42 per share, in the second quarter, from $44.3 million, or $0.36 per share, last year.

Eldorado Gold Inc., (ELD.TO) reported adjusted earnings of US$66.6 million for the second-quarter, up from US$9.7 million in the year-ago quarter.

MEG Energy Corp (MEG.TO) reported net earnings of $234 million for the first-half of the current financial year, compared to $217 million in the first-half of 2023.

On the economic front, a report from the Canadian Federation of Independent Business said the Canada Business Barometer, a long-term index reflecting 12-month forward expectations for business performance in the country, dipped to 55.4 in July, down marginally from a downwardly revised 56.0 in the previous month.

The Canadian market fell to two-week lows on Thursday, weighed down by losses in materials and industrials sectors. The mood remained cautious, and investors largely made their moves, reacting to quarterly earnings announcements.

The benchmark S&P/TSX Composite Index ended with a loss of 31.54 points or 0.14% at 22,608.03. The index, which tumbled to 22,463.96 in early trades, rallied to 22,719.12 before turning weak again.

Asian stocks ended mixed after a steady performance on Friday as strong U.S. GDP data and cooling inflation suggested a soft landing is in sight for the world's largest economy.

Markets have raised their expectations for three rate cuts from the Fed by the end of the year, with some economists expecting the central bank's first rate cut to be extra-large.

European stocks are broadly higher with strong U.S. GDP data boosting hopes of a soft landing for the world's largest economy. Expectations of a series of interest rate cuts by the U.S. central bank appear to be aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.27 or 0.34% at $78.01 a barrel.

Gold futures are gaining $18.30 or 0.78% at $2,371.80 an ounce, while Silver futures are down $0.060 or 0.21% at $27.915 an ounce.