The Canadian market may open slightly lower on Friday, impacted by weak crude oil prices that could pressure energy stocks. However, higher bullion prices and alleviating concerns over U.S. economic growth are expected to help limit the market's decline.
Data on Canadian housing starts for July is scheduled for release at 8:15 AM ET, followed by final data on Canadian manufacturing sales for June at 8:30 AM ET.
In corporate news, Hydro One (H.TO) has announced that its subsidiary has successfully priced an offering of $1.2 billion in medium-term notes under its sustainable financing framework. The company intends to use the proceeds to fund eligible green projects under the 2024 framework.
Telus Corp (T.TO) announced on Thursday its acquisition of 2.3% of Telus International's (TIXT.TO) subordinate voting shares, representing 0.9% of all outstanding shares, at $4.25 per share, totaling 2.6 million shares.
Canadian stocks climbed higher on Thursday, driven by gains on Wall Street, where stocks surged after data revealed a stronger-than-expected increase in U.S. retail sales last month, along with a decline in weekly jobless claims.
The benchmark S&P/TSX Composite Index closed with a gain of 272.71 points, or 1.2%, at 23,032.72, slightly below the day's high.
Asian stocks advanced on Friday, buoyed by encouraging U.S. data on inflation and retail sales, which mitigated recession fears in the world's largest economy. This prompted traders to adjust expectations for aggressive rate cuts by the Federal Reserve.
The U.S. dollar and Treasury yields remained broadly stable in Asian trading, reflecting growing optimism that the U.S. economy is headed for a soft landing.
European stocks are trading broadly higher, as easing recession fears in the U.S. followed better-than-expected retail sales and jobless claims data, along with favorable reports on producer price and consumer price inflation earlier in the week.
In commodities, West Texas Intermediate crude oil futures are down $2.03, or 2.6%, at $76.13 a barrel.
Gold futures have risen $14.70, or 0.6%, to $2,507.10 an ounce, while silver futures have declined $0.238, or 0.84%, to $28.18 an ounce.