Bay Street Looks For Higher Open As China Cuts Rates -- Canadian Commentary

(RTTNews) - Canadian stocks are set to open higher Friday morning, carrying positive momentum from the previous session after China's central bank again cut rates.

China's central bank late Friday cut both interest rates and the reserve-requirement ratio for banks.

The move comes a day after the European Central Bank hinted that further stimulus is coming in December.

Policy makers in the U.S. and Canada are also hinting that rates will stay extraoridinarily low for some time.

The S&P/TSX composite index gained 173.92 points, or 1.3%, to close Thursday at 13,878.11.

Gold stocks will get a boost from higher gold prices, while energy shares may steady along with crude oil near $45 a barrel.

Thomson Reuters (TRI, TRI.TO) re-affirmed its full-year business outlook for 2015. For the third-quarter, adjusted earnings per share was $0.52, beating estimates.

Scotiabank (BNS.TO) will close some regional offices and cut jobs, the Globe and Mail reports.