FX.co ★ Bay Street Likely To Open On Firm Note

The Canadian market is poised for a robust opening on Friday morning, buoyed by rising crude oil and bullion prices, alongside strong performances in European stocks. Attention remains squarely on U.S. non-farm payroll data, anticipated to shed light on the Federal Reserve's forthcoming interest rate decision.

Domestically, Canada's manufacturing activity report for October is slated for release at 9:30 AM ET. The S&P Global Canada Manufacturing PMI climbed to 50.4 in September 2024, up from 49.5 in August, marking the first enhancement in operating conditions since April 2023.

Eldorado Gold Corp. (ELD.TO) announced third-quarter net earnings of $101.1 million, or $0.49 per share, contrasting with last year's net loss of $6.6 million, or $0.03 per share. Similarly, Ensign Energy Services (ESI.TO) reported a net income of C$5.3 million, or C$0.03 per common share, for the third quarter, reversing from a net loss of C$5.2 million, or C$0.03 per common share, in the previous year.

Air Canada (AC.TO) posted a net income of C$2.035 billion, or C$5.38 per share, for the third quarter—down from C$1.250, or C$3.08 per share, in the identical quarter of the prior year. Excluding one-time items, adjusted earnings declined to C$969 million, or C$2.57 per share, compared to C$1.281 billion, or C$3.41 per share, in the preceding year.

Magna International Inc. (MG.TO) disclosed that its board has authorized a buyback of up to approximately 28.5 million shares, roughly 10% of the public float.

On Thursday, the Canadian market closed substantially lower amid widespread selling, prompted by disappointing earnings reports from U.S. tech giants Microsoft Inc. and Meta Platforms, combined with ambiguity over future interest rate cuts, which dampened market sentiment.

The benchmark S&P/TSX Composite Index fell by 350.92 points, or 1.43%, landing at 24,156.87. During the session, the index dipped to 24,098.49, marking a three-week low.

Meanwhile, Asian markets largely ended in negative territory on Friday, despite a boost in Hong Kong's market following favorable data on Chinese manufacturing activity and home sales. A cautious sentiment prevailed across Asia, driven by mixed earnings results from U.S. tech companies, ongoing Middle Eastern tensions, and looming uncertainty before the upcoming U.S. presidential elections.

European stocks are trading significantly higher ahead of the U.S. non-farm payroll report release.

In commodities, West Texas Intermediate crude oil futures have risen by $1.50, an increase of 2.17%, reaching $70.76 per barrel. Gold futures are up $13.20, or 0.5%, at $2,762.50 per ounce, and silver futures have increased by $0.164, or 0.5%, to $32.960 per ounce.