(RTTNews) - Canadian shares may open higher on Friday, tracking firm crude oil and bullion prices, and strong European markets on the back of some encouraging economic data.
Meanwhile, major U.S. banks have come up with mixed earnings updates. While CitiGroup and Wells Fargo have reported lower earnings, JPMorgan has reported higher than expected quarterly earnings.
In Canadian earnings news, MTY Food Group Inc. (MTY.TO) reported that its first-quarter net income decreased by 6% at C$17.3 million, or C$0.71 per share compared to C$18.4 million, or C$0.75 per share, last year.
Corus Entertainment Inc. (CJR-B.TO) reported a fiscal second-quarter adjusted net loss of more than $5.9 million, or $0.03 per share, significantly lower than a loss of near $13.9 million, or $0.07 per share, in the year-ago quarter.
The Canadian market ended on a weak note on Thursday amid concerns about the outlook for Fed interest rates after previous day's data from the Labor Department showed a bigger than expected increase in U.S. consumer prices in the month of March.
The benchmark S&P/TSX Composite Index ended with a loss of 89.02 points or 0.4% at 22,110.11. The index, which edged up to 22,221.84 in early trades, dropped to 21,985.68 around mid morning, losing more than 200 points.
Asian stocks closed weak on Friday as traders priced in less monetary-policy easing by the Federal Reserve this year and waited for the U.S. earnings season to kick off with large-cap banking names.
The Chinese market declined as the U.S. crackdown on China's tech sector intensified.
European stocks are up firmly in positive territory after a European Central Bank (ECB) poll of professional forecasters showed that inflation in the euro zone will fall to 2% in 2025 and stay there in the longer term, giving the clearest indication that the ECB could cut interest rates in June.
In-line regional inflation and GDP data also boosted investor sentiment. German consumer price inflation slowed to 2.2 percent in March, the weakest since May 2021.
France's consumer price inflation posted an annual increase of 2.3% in March, following February's 3% rise, according to the latest data from the statistical office INSEE.
In commodities, West Texas Intermediate Crude oil futures are up $1.28 or 1.51% at $86.30 a barrel.
Gold futures are up $37.50 or 1.6% at $2,410.20 an ounce, while Silver futures are gaining $0.850 or 3.1% at $29.100 an ounce.
