Bay Street Likely To Open On Positive Note

(RTTNews) - Data showing a drop in U.S. consumer price inflation, higher crude oil and gold prices, and positive lead from European markets point to a firm start for the Canadian market on Thursday.

Data from Labor Department showed a modest decrease in U.S. consumer prices in the month of December.

The Labor Department said its consumer price index edged down by 0.1% in December after inching up by 0.1% in November. Economists had expected consumer prices to come in unchanged.

The report also showed the annual rate of consumer price growth slowed to 6.5% in December from 7.1% in November, in line with expectations. The annual growth was the slowest since October 2021.

The annual rate of core price growth slowed to 5.7% in December from 6.0 percent in November. The year-over-year growth was also in line with expectations.

In Canadian company news, Organigram Holdings Inc. (OGI.TO) reported first-quarter net revenue of $43.3 million, up 43% from $30.4 million in the same prior-year period.

The Canadian market ended on a firm note on Wednesday, riding on gains in real estate, healthcare, utilities, consumer discretionary and industrials sectors.

The benchmark S&P/TSX Composite Index, which rose to 20,038.26 at the start, but dropped to 19,910.30 around mid morning, ended the session with a gain of 126.19 points or 0.63% at 20,025.05.

Asian stocks pared early gains and ended on a muted note on Thursday as investors awaited U.S. inflation data for December later in the day that might show price pressures eased from the previous month.

European stocks are up firmly in positive territory Thursday afternoon with investors digesting the latest batch of economic data from the region, and reacting to U.S. inflation data and jobless claims report.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.99 or 1.28% at $78.40 a barrel.

Gold futures are gaining $13.50 or 0.71% at $1,892.40 an ounce, while Silver futures are up $0.444 or 1.89% at $23.925 an ounce.