Bay Street Likely To Open On Positive Note

(RTTNews) - The Canadian market may open on a positive note on Friday with materials stocks gaining some ground, riding on firm precious metals prices. Easing geopolitical concerns and hopes that the Fed will not hike interest rates for now may also aid sentiment.

West Texas Intermediate Crude oil futures are down $0.22 or 0.33% at $68.47 a barrel.

Gold futures are up $69.10 or 1.65% at $4,194.80 an ounce, while Silver futures are up $1.786 or 2.91% at $62.850 an ounce.

Canadian stocks closed higher on Wednesday, extending gains from the previous session, as rise in gold prices supported materials sector. However, investors largely refrained from making significant moves following the United States refusing to renew the Canada-United States-Mexico Agreement on free trade.

The benchmark S&P/TSX Composite Index ended the day's session with a gain of 109.68 points or 0.31% at 34,966.67.

Asian stocks moved higher on Friday despite an overnight fall in U.S. technology stocks. Regional sentiment was underpinned by easing geopolitical risks and fading expectations for a Federal Reserve rate hike.

The major European markets are exhibiting a mixed trend today with investors reacting to mostly weak regional PMI data. Easing concerns about geopolitical tensions, and expectations that the Fed will not hike interest rates anytime soon help limit the downside in some of the markets in the region.