(RTTNews) - Canadian shares may open higher on Friday with materials stocks set to ride on strong gold and silver prices. As the U.S. market will close early today, volume of business on Bay Street will be thin for a second straight day. Wall Street remained closed on Thursday for Thanksgiving holiday.
Data on Canadian GDP data for the third quarter is due out at 8:30 AM ET.
The Canadian economy advanced by 0.5% in the second quarter, following a 0.4% rise in the previous quarter. On an annualized basis, Canadian GDP grew by 2.1% in the second quarter, the highest since the first quarter of 2023. The economy grew by an upwardly revised 1.8% in the first quarter of 2024.
A report from the Canadian Federation of Independent Business said small business sentiment in Canada increased to 59.70 points in November from 55.80 points in October of 2024. Small Business Sentiment in Canada reached an all time high of 74.07 points in April of 2002 and a record low of 30.84 points in March of 2020.
The Canadian market recorded a new closing high Thursday with energy stocks contributing significantly to the rise. The volume of business was thin due to Thanksgiving holiday in the U.S.
The benchmark S&P/TSX Composite Index posted a new all-time high of 25,593.47 and closed up 55.22 points or 0.22% at 25,543.52.
Asian stocks ended mixed on Friday, with a stronger yen amid BOJ rate hike bets weighing on Japanese markets while Chinese stocks logged strong gains on stimulus expectations, heading into a key economic meeting next month.
The Japanese yen briefly breached the key level of 150 against the dollar after core inflation in the capital region came in above the 2 percent target, boosting expectations for an interest rate hike in the near-term.
On the contrary, Japanese industrial production and retail sales registered weaker-than-expected growth in November. China's Shanghai Composite index rallied 0.93 percent to 3,326.46 amid speculation that Beijing will provide more support for the economy at a key policy meeting in December.
European stocks are down in negative territory with investors reacting to regional economic data, and on worries about trade tariffs and recent political turmoil in France.
The annual inflation rate in the Eurozone accelerated for a second month to 2.3% in November 2024 from 2% in October, matching market expectations, preliminary estimates showed.
Preliminary data showed earlier today that France's harmonized inflation rate rose 1.7% in November from 1.6% in October -matching expectations and remaining well below the European Central Bank's 2 percent target.
Elsewhere, official data showed German retail sales fell more than expected in October, falling 1.5% month-on-month.
In commodities, West Texas Intermediate Crude oil futures are down $0.11 or 0.16% at $68.61 a barrel.
Gold futures are gaining $19.80 or 0.75% at $2,684.60 an ounce, while Silver futures are up $0.654 or 2.14% at $31.210 an ounce.
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