Bay Street May Open With Positive Bias

(RTTNews) - Canadian shares may open with a positive bias on Friday amid reports indicating "slight progress" in U.S.-Iran talks.

However, with Tehran reportedly insisting on keeping enriched uranium in Iran, the mood in the market is unlikely to be any significantly bullish.

In economic news, data from the Canadian Federation of Independent Business said Canada's CFIB Business Barometer long-term index, which tracks 12-month forward expectations for business performance, dropped to 46.3 in May from a downwardly revised 58.0 in April. May's reading marks the lowest in a year.

Data from Statistics Canada said retail sales in Canada increased 0.6% month-over-month in April, according to a preliminary estimate. In March, retail sales increased 0.9%, higher than initial estimates of a 0.6% rise.

A separate data from Statistics Canada showed producer prices in Canada rose 2.0% month-over-month in April, following a 2.4% increase in March and exceeding market expectations of 1.3%. Annually, producer price inflation reached 11.4% in April, the highest since July 2022.

Canadian stocks moved higher on Thursday, extending the gains from a session earlier, as traders watched the ongoing diplomatic process to end U.S.-Iran hostilities with positivity.

The benchmark S&P/TSX Composite Index settled at 34,409.49, up by 247.67 points or 0.72%.

Asian stocks ended higher on Friday, extending gains from the previous session on rising hopes for a diplomatic resolution to the Middle East conflict.

The major European markets are up in positive territory today amid renewed hopes of a potential U.S.-Iran peace deal.

In commodities, West Texas Intermediate Crude oil futures are down $0.37 or 0.37% at 95.98 a barrel.

Gold futures are down $8.60 or 0.19% at $4,533.90 an ounce, while Silver futures are down $0.222 or 0.32% at $76.510 an ounce.