Bay Street Might Open HigherOctober 23, 2021
Canadian shares might open positive on Friday morning. The futures are gaining momentum on the day. Earnings data, as well as Energy prices, might have an influence on the market sentiments.
Gold and Silver futures are on a downtrend.
Canada’s New Motor Vehicle Sales is scheduled at 8.30 am, while the Wholesale sales for August will be revealed at 8.30 am.
The U.S. Commerce Department’s Business Inventories for August will be published at 10.00 am ET. The consensus is for an increase of 0.7 percent, while it was up 0.5 percent in the prior month.
The University of Michigan’s Consumer Sentiment for October will be released at 10.00 am ET. The consensus is for 74.0, while it was 72.8 in the previous month.
Baker Hughes Rig Count for the week is scheduled at 1.00 pm ET. In the prior week, the North America rig count was 700 and the U.S. Rig Count was 533.
In the futures, S&P/TSX 60 Index is gaining 12.01 or 0.097 percent at 1,247.86, while S&P/TSX Composite Index is up 201.47, up 0.98 percent at 20,819.94.
The Canadian market saw another bright session on Thursday, as stocks from across various sectors moved higher. Data showing a surge in Canadian manufacturing sales, and firm crude oil and bullion prices contributed as well to the positive sentiment in the market.
Data from Statistics Canada showed manufacturing sales in Canada rose 0.5% from a month earlier to C$ 60.3 billion in August of 2021, following a downwardly revised 1.2% decline in July and in line with preliminary estimates.
The benchmark S&P/TSX Composite Index ended with a gain of 201.47 points or 0.98% at 20,819.94, after climbing to a high of 20,840.33. The index, which edged up by 0.1% on Tuesday, gained 0.89% on Wednesday.
Asian stocks followed Wall Street higher on Friday. China’s Shanghai Composite index edged up 14.09 points, or 0.40 percent, to 3,572.37 as investors awaited third-quarter GDP figures as well as monthly investment and activity figures for directional cues. Hong Kong’s Hang Seng index rallied 368.37 points, or 1.48 percent, to 25,330.96 as markets returned from a one-day break.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 28.62 points or 0.43 percent. The German DAX is progressing 52.07 points or 0.34 percent, the U.K. FTSE 100 Index is up 15.66 points or 0.22 percent.
The Swiss Market Index is gaining 37.00 points or 0.31 percent. The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.42 percent.
Gold futures are down 23.95 or $1.29% at $1,774.70 an ounce, while Silver futures are down $0.335 or 1.44% at $23.152 an ounce.
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