The Toronto stock market was set for a rise Friday as oil moved higher, briefly shooting above $100 U.S. a barrel, and sentiment improved on signs the U.S. economy is moving in a positive direction.
Investors heard figures that Canada’s gross domestic product was pretty well unchanged in October on Friday morning. Statistics Canada said output of the goods-producing industries fell 0.2% in October as a result of declines in utilities, construction, and mining and oil and gas extraction offsetting gains in manufacturing.
Trading volume is expected to be low Friday and into next week as many traders take a break over Christmas and New Year. The TSX and most global markets are closed Monday for Christmas, while Toronto markets will remain closed on Tuesday for Boxing Day.
The Canadian dollar gained 0.24 cents to 98.19 cents U.S.
U.S. and European stocks were on track to post another day of gains on Friday, as investors continue to bask in the recent round of better-than-expected economic news.
U.S. stock index futures were higher with about 90 minutes before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones industrial average were up 48 points or 0.4%. Futures for the broader S&P 500 were up 5.1 points or 0.4%, and Nasdaq futures shot ahead 23.5 points or 1.1%. This marks the last trading day before U.S. markets close for a three-day weekend.
In Europe, the U.K.'s FTSE 100 was up 1% and Germany's DAX index was up 0.4% in afternoon trading. In Paris, the CAC 40 gained 0.9%.
In Asia, Japanese markets had the day off, while Hong Kong’s Hang Seng Index roared ahead 1.4%, and Shanghai improved 0.8%.
Crude oil nipped up 21 cents to $99.74 U.S. a barrel.
Gold dropped $1.10 to $1,609.50 U.S. an ounce.
