Positive Start Likely On Bay Street

(RTTNews) - Higher Canadian and U.S. futures amid some fairly encouraging corporate earnings news point to a positive start for stocks on Bay Street on Friday. Investors will also be reacting to Canadian GDP data.

Final data on Canadian GDP for the month of May and a preliminary reading for June will be out at 8:30 AM ET.

In earnings news, TELUS (T.TO) reported a second quarter net loss of C$1.83 billion compared to a loss of C$245 million, a year ago. Net loss attributable to common shares was C$1.84 billion versus profit of C$7 million in the comparable period. Net loss was due to a pre-tax, non-cash intangible asset and goodwill impairment of C$2.1 billion in the second quarter.

Fairfax Financial Holdings Limited (FFX) reported net earnings of $1,560.6 million for the second-quarter, down from $1,601.9 million in the previous year.

The Canadian market closed higher on Thursday, led by gains in materials sector thanks to a surge in gold prices.

The benchmark S&P/TSX Composite Index ended with a gain of 172.06 points or 0.49% at 35,505.84.

Asian stocks climbed higher on Friday, with South Korean and Japanese markets skyrocketing as investors returned to AI stocks.

Regional gains elsewhere across Asia were limited as Middle East tensions persisted, China manufacturing data disappointed and uncertainty prevailed over the U.S. interest-rate outlook.

The major European markets are up in positive territory today, reacting to a slew of encouraging earnings news and revenue updates. Investors are also digesting mixed inflation data from the region.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.68 or 2.02% at $85.27 a barrel.

Gold futures are down $47.60 or about 1.1% at $4,113.00 an ounce, while Silver futures are down $0.897 or 1.52% at $58.120 an ounce.