FX.co ★ Bay Street Seen Opening Higher

The Canadian market is poised for a potentially higher opening on Friday, bolstered by support from materials stocks due to strong metal prices. Additionally, investors will be attentively analyzing the latest data on Canadian retail sales and the U.S. producer prices report.

Scheduled for release at 8:30 AM ET, the Canadian retail sales figures for September are anticipated to show a 0.4% increase, according to preliminary estimates. This follows a revised 0.4% rise reported in August. Also expected at 8:30 AM ET is a report on new housing prices in Canada. In September, these prices remained unchanged for the second consecutive month.

On Thursday, the Canadian market reached unprecedented intraday and closing highs, spurred by widespread investor enthusiasm following the government's introduction of a mini stimulus package. This package aims to assist households facing financial difficulties due to elevated debt payments.

The fiscal measures, projecting a cost of approximately 6.3 billion Canadian dollars to the treasury, include a temporary two-month sales tax exemption on specific goods and services. Additionally, the Liberal government will provide a one-time tax-free cash distribution of 250 Canadian dollars to individuals earning less than 150,000 Canadian dollars annually.

The S&P/TSX Composite Index, achieving a new all-time high of 25,402.06, concluded the session with an increase of 354.22 points, or 1.41%, finishing at 25,390.68.

In Asia, markets concluded largely in positive territory, remaining relatively unaffected by the volatility in China's stock markets. Investor sentiment improved significantly in Japan, propelled by a decline in the headline inflation rate to its lowest in nine months.

Conversely, China and Hong Kong saw market declines attributed to weak corporate earnings, concerns over economic growth, and doubts about the effectiveness and adequacy of stimulus measures.

European markets presented a mixed outlook, with regional economic data influencing investor movements. Weak PMI figures exerted pressure on German and French markets, whereas the U.K. market showed gains, likely driven by improved consumer sentiment data.

In the commodities sector, West Texas Intermediate Crude oil futures have decreased by $0.42, or 0.62%, now priced at $69.68 per barrel. Gold futures, however, have risen by $30.20, or 1.13%, reaching $2,705.10 per ounce. Silver futures have also gained $0.472, or 1.53%, standing at $31.415 per ounce.