Higher futures and firm commodity prices point to a positive start for the Canadian stock market Thursday morning.
Easing political situation in the U.S. following Donald Trump assuring an "orderly transition" of power after the Congress confirmed Joe Biden's win in the presidential election, and expectations of additional fiscal stimulus are also expected to aid sentiment.
On the economic front, Canadian trade data for the month of November is due out at 8:30 AM ET. At 10 AM ET, the Ivey PMI reading is due.
The Canadian market ended on a strong note on Wednesday amid expectations of additional fiscal stimulus in the U.S. The benchmark S&P/TSX Composite Index ended with a gain of 145.60 points or 0.82% at 17,828.11.
Asian stocks ended broadly higher on Thursday on hopes that a Democrat-controlled U.S. Senate will be a net positive for economic growth globally. Chinese stocks moved higher for a sixth straight session, lifted by the central bank's pledge that it would keep its monetary policy accommodative in 2021.
European stocks are higher on U.S. stimulus hopes following a Democrat sweep in U.S. Senate race. Investors believe Joe Biden is now well placed to push through stimulus packages and help America get through the Covid crisis.
In commodities, West Texas Intermediate Crude oil futures for February are up $0.25 or 0.5% at $50.88 a barrel.
Gold futures are rising $10.00 or 0.55% at $1,918.70 an ounce, while Silver futures are up $0.213 or 0.8% at $27.255 an ounce.
For comments and feedback contact: editorial@rttnews.com
