OTTAWA (dpa-AFX) - Early cues show that Canadian stocks might open slightly positive on Thursday. Gold and Silver futures are moderately higher. Canada current account data for the second quarter will be released on the day.
Gold futures are gaining 14.9 at 3,463.4, while Silver futures are up 0.488 at 39.69. Commodities are slightly down.
On Wednesday, TSX Composite Index had closed at 28,433.00, up by 93.12 points or 0.33 percent, after reaching an intraday high of 28,468.34. Investors are closely monitory the tariff challenges from the US as well as other geopolitical developments.
In a new twist to tariff discussions, US President Donald Trump suggested possibility of new sanctions on Russia. He also said that Ukrainian President Zelenszkyy is 'not exactly innocent' and hinted about possible measures against Kyive as well. Trump has been trying to end the Ukraine-Russia war and organised two summits for the same. Russia continue to pound Ukraine and reports said that at least 18 people were killed in attack on Wednesday night.
The traders are optimistic that the U.S. Fed will cut interest rates at their next meeting in September. The U.S. dollar weakened against other major currencies in the Asian session on Thursday, after the Fed official left the door open for an interest rate cut next month.
Prime Minister Mark Carney has been trying hard to have more avenues for Canadian businesses and to widen domestic markets opportunities, in view of a 35 percent tariff imposed by the US. He has been trying to avoid harsh measures from the US and tried to drop retaliatory tariffs on imported goods. However, Canada's counter-tariffs on steel, aluminum and automobiles still remain.
European shares are trading slightly positive. CAC 40 of France is adding 32.07 points or 0.41 percent. DAX of Germany is gaining 8.03 points or 0.07 percent. FTSE 100 of England is declining 41.52 points or 0.45 percent. The Swiss Market Index is gaining 8.03 points or 0.07 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.27 percent.
Initial trends from the U.S. markets suggest that Wall Street are sailing positive.
The U.S. major averages recorded modest gains on Wednesday. The National Association of Realtors' Pending Home Sales Index for July will be revealed at 10.00 am ET. The consensus is up 0.2 percent, while it was down 0.8 percent in the prior month.
Asian stocks ended mostly higher on Thursday. Chinese markets rallied. The benchmark Shanghai Composite index climbed 1.14 percent to 3,843.60. Hong Kong's Hang Seng index dropped 0.81 percent to 24.998.82.
Japanese markets advanced. The Nikkei average recovered from losses to close 0.73 percent higher at 42,828.79 while the broader Topix index ended up 0.65 percent at 3,089.78.
Australian markets eked out modest gains. The benchmark S&P/ASX 200 rose 0.22 percent to 8,980 while the broader All Ordinaries index settled 0.11 percent higher at 9,241.10.
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