Bay Street Looks Headed For Firm Start

(RTTNews) - Canadian stocks look headed for a positive start Friday morning amid rising hopes the U.S. and Iran will strike a peace deal this weekend.

U.S. President Donald Trump said a "great settlement" to end the conflict with Iran has been reached, and that a signing ceremony could take place in Europe as early as this weekend.

However, Tehran said no final deal has been approved and that disputes over frozen funds and Strait of Hormuz security remain unresolved.

On the economic front, data on new motor vehicle sales and Capacity Utilization are due at 8:30 AM ET.

The Canadian market closed higher as concerns of Middle East escalation diminished after U.S. President Donald Trump assured of a U.S.-Iran peace agreement soon and cancelled his earlier plans to hit Iran very hard and take control of Iran's Kharg Island.

The benchmark S&P/TSX Composite Index ended the session with a gain of 520.14 points or 1.52% at 34,671.46, after staying positive right through the day.

Asian stocks moved up sharply on Friday after U.S. President Donald Trump called off new military strikes on Iran and said a peace deal could be signed in a few days, helping ease fears of escalation.

The major European markets are up sharply today amid rising hopes of a U.S.-Iran peace deal following U.S. President Donald Trump calling off previously planned attacks on Iran. Oil's sharp drop contributed as well to the upbeat mood in the markets.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.74 or 3.1% at $84.91 a barrel.

Gold futures are up $114.40 or 2.71% at $4,228.40 an ounce, while Silver futures are gaining $3.159 or 4.94% at $67.160 an ounce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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