Bay Street May Open Slightly Higher

(RTTNews) - The Canadian market, which snapped a four-day losing streak on Thursday, looks headed for a positive start Friday morning.

Canadian retail sales data, and U.S. PCE reading are likely to make an impact.

Final data on Canadian retail sales for the month of October, and a preliminary report on retail sales in the month of November, are due at 8:30 am ET.

The New Housing Price Index score for November is also due at 8:30 am ET.

The Canadian market closed higher on Thursday following the release of tamer-than-expected U.S. inflation data that renewed confidence the Federal Reserve will continue to cut interest rates next year.

The benchmark S&P/TSX Composite Index climbed 190.83 points or 0.6% to 31,440.85, although it remains well off the record closing high set a week ago.

Asian stocks moved higher on Friday as concerns over artificial intelligence spending and valuations eased, and signs of cooling U.S. inflation bolstered expectations of looser U.S. monetary policy next year.

The major European markets are somewhat subdued in lackluster trade, with investors digesting the latest set of regional economic data, and awaiting U.S. PCE report.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.20 or 0.36% at $56.35 a barrel.

Gold futures are down $7.40 or 0.17% at $4,357.10 an ounce, while Silver futures are up $0.701 or 1.07% at $65.920 an ounce.