Canadian stocks are poised for a positive open Friday as commodities rebounded from recent losses amid hopes that the recent policy moves from the Federal Reserve, European Central Bank and the Japan's central bank would help economic recovery and a lower interest regime.
Meanwhile, Canada's annual inflation rate eased slightly in August, leaving some room for the Bank of Canada to hold rates.
U.S. stock futures were pointing to a higher open.
On Thursday, the S&P/TSX Composite Index shed 26.91 points or 0.22 percent to 12,409.25.
In the commodity markets, the price of crude oil was recovering from recent losses Friday morning amid a weak U.S. dollar. Crude for November delivery gained $1.18 to $93.60 a barrel.
The price of gold was moving higher Friday morning as the U.S. dollar was ticking lower versus a basket of currencies as the recent measures to stimulate growth would fuel inflation and keep interest rates at rock bottom. Gold for December added $12.10 to $1,782.30 an ounce.
In corporate news from Canada, YM BioSciences Inc. (YM.TO) reported a narrower fourth quarter net loss of C$6.1 million or C$0.04 per share compared to the loss of C$8.9 million or C$0.08 per share a year ago. Analysts were expecting the company to report a loss of C$0.05 per share for the quarter.
Wealth management company Gluskin Sheff + Associates Inc. (GS.TO) reported lower fourth quarter net income of C$2.3 million or C$0.08 per share compared to C$22.2 million or C$0.75 per share in the year ago quarter. Analysts were expecting the company to earn C$0.18 per share for the quarter
Base-metals miner Nuinsco Resources (NWI.TO) said it would divest its 3 percent net smelter return royalty on Coventry Resource Limited's Cameron Gold Project for cash proceeds of $5.1 million. Yesterday the stock jumped 33 percent
In economic news, Statistics Canada said consumer prices rose at a slower 1.2 percent in year-over-year in August, following a 1.3 percent gain in July. Higher prices for the purchase of passenger vehicles, gasoline, meat and food purchased from restaurants were major factors in the increase of the August Consumer Price Index. Meanwhile, the Bank of Canada's core index rose 1.6 percent in the 12 months to August, following a 1.7 percent gain in July.
From the euro zone the U.K. budget deficit remained unchanged in August from the previous year level, data from the Office for National Statistics showed. Excluding intervention, public sector net borrowing was GBP 14.4 billion in August, this was equal to the net borrowing in August 2011. Economists had forecast a level of GBP 15 billion.
by RTT Staff Writer
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