Bay Street will experience a rise in opening prices on Friday.
August 25, 2023: Canadian stocks are expected to open higher on Friday, tracking gains in U.S. and European markets. Higher crude oil prices and firming global economic data are supporting sentiment.
The S&P/TSX Composite Index is expected to open up 0.5% to 1.0%, according to analysts at BMO Capital Markets. The index closed down 0.03% at 19,818.39 on Thursday.
U.S. stock futures were also pointing to a higher open, with the Dow Jones Industrial Average futures up 0.3% and the S&P 500 futures up 0.4%.
Crude oil prices rose 1.4% to $82.39 a barrel on Friday, supported by concerns about supply disruptions in the Middle East.
Global economic data was also supportive, with German industrial production rising 0.2% in July, beating expectations for a decline.
The focus for investors on Friday will be on the speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium. Powell’s speech will provide clues about the Fed’s future interest rate path.
Actionable Takeaways:
- Investors expect Canadian stocks to open higher on Friday, tracking gains in U.S. and European markets.
- Higher crude oil prices and firming global economic data are supporting sentiment.
- The focus for investors on Friday will be on the speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium.
