Bay Street Might Open Moderately Positive

Gaining oil demand and a slight drop in gold prices might be impacting the Canadian share market on Friday. Bay Street is expected to open slightly down.

Crude oil demand is projected to be higher this year and the Organisation of Petroleum Exporting Countries or OPEC is all set to grab the opportunity. Saudi Arabia might, the top producer and exporter will add an additional one million BPD for the quarter ending July.

Gold prices are slightly down today and currently at around $1819.89 and market experts predict that it might reach $1750 by the end of the year.

Canadian Housing Market has been on a sliding trend, with housings starts for June down 1.5 percent.

Prime Minister Justin Trudeau had said on Thursday that might open the country to fully vaccinated travelers. This might have a positive impact on the tourism sector.
TSX Composite index is aiming moderately higher. The Canadian dollar is slightly down against the U.S. dollar.

Canada may permit fully vaccinated travelers into the country by early September, the country’s prime minister said on Thursday, if the current trend in vaccination rate and public health conditions continues.

The Canadian stock market ended modestly higher on Thursday. The benchmark S&P/TSX Composite Index advanced to a high of 20,214.64 later on in the session and finally settled at 20,283.72, gaining 36.48 points or 0.18%.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 39.39 points or 0.61 percent. The German DAX is losing 31.69 points or 0.20 percent, the U.K. FTSE 100 Index is gaining 1.57 points or 0.02 percent.

The Swiss Market Index is adding 24.54 points or 0.20 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.36 percent.

Asian stocks turned in a mixed performance on Friday. Chinese shares fell and the benchmark Shanghai Composite index dropped 25.29 points, or 0.71 percent, to 3,539.30. Hong Kong’s Hang Seng index finished marginally higher at 28,004.68.

Australian markets ended slightly higher. The benchmark S&P/ASX 200 edged up 12.20 points, or 0.17 percent, to 7,348.10 while the broader All Ordinaries index ended up 14.10 points, or 0.19 percent, at 7,630.70.

Japanese shares ended lower for the third day. The Nikkei average fell 276.01 points, or 0.98 percent, to 28,003.08 while the broader Topix index closed 0.38 percent lower at 1,932.19.

ION Geophysical Corp. is gaining in the premarket and currently at $1.53, up 25.49 percent.

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