Bay Street Likely To Open On Firm Note

Canadian shares look headed for a firm start Friday morning, tracking strong retail sales data, positive cues from European markets and rising commodity prices.

Data from Statistics Canada showing retail sales rose 2.1% in August over the previous month. Retail Sales Ex Autos in Canada increased 2.8% in August, rebounding from -1% in the previous month.

Canadian retail sales climbed 8.4% in August over the same month in the previous year, after rising by 5.3% y-o-y in July.

Easing worries about China Evergrande's debt woes following the group supplying funds to pay interest on a U.S. dollar bond may also help underpin sentiment.

Canadian stocks turned in a mixed performance on Thursday, with investors reacting to some earnings news, and digesting the latest batch of economic data. The benchmark S&P/TSX Composite Index climbed to a fresh record high at 21,230.91 and ended the session with a gain of 24.20 points or 0.11% at 21,212.39.

Corus Entertainment Inc (CJR.B.TO) reported adjusted net income of C$21.67 million for the quarter ended August 31, 2021, down 35% from net income of C$33.18 million it posted in the corresponding quarter last year.

Asian stocks recouped early losses to end on a flat note Friday as embattled developer China Evergrande Group made a bond payment, just before the 30-day grace period expired.

European stocks are firmly up in positive territory Friday afternoon after China Evergrande Group reportedly supplied funds to pay interest on a U.S. dollar bond, helping ease contagion fears.

In commodities, West Texas Intermediate Crude oil futures for December are gaining $0.88 or 1.07% at $83.38 a barrel.

Gold futures are up $12.10 or 0.68% at $1,794.00 an ounce, while Silver futures are up $0.230 or 0.95% at $24.400 an ounce.

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