High probability of Bay Street opening on a positive note

According to market analysis, Bay Street is expected to open with positive gains. After a surge in the global market yesterday, anticipation for a strong start has risen. The upward trend is primarily fueled by positive economic indicators and the continued optimism surrounding COVID-19 vaccine distribution. Additionally, the rise in oil prices is contributing to the positive sentiment. Although there are concerns regarding the ongoing pandemic and its impact on the economy, investors are hopeful for a stable and prosperous opening day. Overall, the outlook for Bay Street’s opening is optimistic and suggests potential gains..

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Higher Canadian and U.S. futures and firm crude oil prices are pointing to a positive start for the Canadian market on Friday.

The focus will be on Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium in Wyoming.

Comments from central bankers, particularly the Fed Chair, are keenly awaited. Powell’s comments is likely to provide significant clues about the Fed’s future interest-rate path.

Data on Canadian wholesale sales for the month of July is due at 8:30 AM ET.

The Canadian market ended weak on Thursday, weighed down by losses in technology and energy sectors.

The benchmark S&P/TSX Composite Index settled with a loss of 103.96 points or 0.52% at 19,775.83. The index, which opened marginally down, moved higher subsequently, but retreated soon and spent the rest of the day’s session in negative territory.

Asian stocks ended weak on Friday, with profit booking in tech stocks and hawkish signals from some Federal Reserve officials weighing on regional markets. Investors also awaited more clarity on monetary policy from the Jackson Hole Symposium.

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European stocks are up in positive territory, riding on some encouraging regional economic data.

Destatis reported that the German economy stabilized in spring after slight declines in the previous two quarters. Gross domestic product posted nil growth in the second quarter after a 0.1% fall in the first quarter and a 0.4% decline in the fourth quarter of 2022.

In commodities, West Texas Intermediate Crude oil futures are up $1.07 or 1.35% at $80.12 a barrel.

Gold futures are up marginally at $1,947.80 an ounce, while Silver futures are gaining $0.095 or 0.34% at $24.325 an ounce.

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Canadian and U.S. futures are indicating a positive start for the Canadian market on Friday. The focus will be on Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium, which is expected to provide clues about the Fed’s future interest-rate path. The Canadian market ended weak on Thursday due to losses in the technology and energy sectors. Asian stocks are also weak, influenced by profit booking in tech stocks and hawkish signals from some Fed officials. European stocks, on the other hand, are up due to positive regional economic data. Crude oil prices and gold futures are also showing gains.

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