Calm Restored, TSX Set To Rally For Second Day -- Canadian Commentary

(RTTNews) - Canadian stocks are likely to rebound for a second day along with higher oil prices Friday morning.

Stocks have snapped out of their funk but have a long way to go before erasing damage from the first few weeks of 2016.

Markets have calmed after being gripped by fears about the global economy and collapsing crude oil prices.

The European Central Bank this week said it will consider easing measures unlesss inflation picks up soon.

WTI crude oil futures were trading up 4.1 percent at $30.74 a barrel.

Energy stocks are expected to get a big lift today after one of the worst monthly performances in recent memory.

In corporate news, Barrick Gold (ABX.TO) expects to take up to $3-billion in impairment charges.

Meanwhile, Canada's December inflation rate was the fastest in a year, according to official date released this morning. However, the core rate stripping out volatile food and energy prices slowed to 1.9 percent from 2 percent in the prior month.