Bay Street Likely To Open On Positive Note

Higher Canadian and U.S. futures, and firm commodity prices point to a positive start for the Canadian market on Friday.

The mood is likely to be a bit cautious with investors looking ahead to the Federal Reserve's monetary policy meeting next week.

The Fed is widely expected to raise rates by 50 basis points and signal that rate hikes could continue for longer than expected in the face of stubborn inflation.

Crescent Point Energy Corp. (CPG,CPG.TO) announced Friday that it has entered into an agreement to acquire certain additional Kaybob Duvernay assets from Paramount Resources Ltd. for cash consideration of $375 million.

Laurentian Bank of Canada (LB.TO) reported net income of $226.6 million and diluted earnings per share of $4.95 for the year ended October 31, 2022, compared with $57.1 million and $1.03 for the year ended October 31, 2021.

The Canadian market ended flat on Thursday, failing to sustain an early move to the upside. The benchmark S&P/TSX Composite Index ended the day down 4.03 points or less than a tenth of a percent at 19,969.19 after reaching an early high of 20,086.40.

Asian stocks ended broadly higher on Friday as investors braced for key U.S. inflation data due later in the day and next week's interest rate decision.

European stocks are up in positive territory, recovering after five successive days of losses on worries about higher interest rates and the outlook for global growth.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.97 or 1.36% at $72.43 a barrel.

Gold futures are gaining $13.40 or 0.74% at $1,814.90 an ounce, while Silver futures are up $0.274 or 1.18% at $23.520 an ounce.

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