Bay Street Seen Opening Slightly Higher

(RTTNews) - Canadian shares are likely to open marginally up on Thursday, tracking positive global cues and slightly higher commodity prices. Easing concerns about the Omicron variant may also aid sentiment.

Data on Canadian GDP for the month of October is due at 8:30 AM ET. The Canadian economic expanded 0.1% month-over-month in September, from an upwardly revised 0.6% rise in the previous period.

Although reports say that studies by the University of Edinburgh and Imperial College London indicate the number of patients requiring hospitalization with Omicron is sharply lower relative to Delta, the World Health Organization's remarks that it is too early to draw conclusions on the virus' severity may weigh a bit on sentiment.

The Canadian market ended on a firm note on Wednesday, riding on gains in energy, materials and financials sections. Despite concerns about Omicron, the mood in the market was positive thanks to encouraging economic data from the U.S. The benchmark S&P/TSX Composite Index ended with a gain of 145.18 points or 0.69% at 21,070.05.

Asian stocks closed higher amid thin volumes on Thursday as traders largely stayed away from their desks for the Christmas break. While separate studies indicated the Omicron variant poses a lower risk of severe disease and hospitalization than the Delta variant, the World Health Organization said it's too early to draw conclusions on its severity.

European stocks are up in positive territory amid slightly easing concerns about Omicron.

In commodities market, West Texas Intermediate Crude oil futures are up $0.23 or 0.32% at $72.99 a barrel. Gold futures are gaining $3.50 or 0.19% at $1,805.70 an ounce, while Silver futures are up marginally at $22.825 an ounce.