The Street Beat

Bay Street stocks are poised for a positive open Friday amid steady commodities and investors' anxiety over the EU summit scheduled later this week. Germany and France released a statement on Thursday saying leaders would now hold two summits to discuss the debt crisis, with a solution in place by Wednesday's second meeting.

Canadian stocks are likely to open flat Thursday amid mixed cues from the commodities market and skepticism over a decisive solution to the European debt crisis in the upcoming EU summit. Traders' optimism over Sunday's EU summit faded after French President Nicolas Sarkozy yesterday said that Berlin and Paris were divided over how to make the euro zone bailout fund more effective.

Canadian stocks opened lower Monday amid selling across a variety of sectors, with the base-metals stocks turning in a particularly poor performance. The S&P/TSX Composite Index lost 82.72 points or 0.68 percent to 11,999.01.

Canadian stocks moved lower at the opening bell on Bay Street Thursday, as investors booked profits after strong recent gains. The S&P/TSX Composite Index was down 145.68 points, or 1.2 percent, to 11,884.28. The decline pared most of yesterday's gains. On Wednesday, the TSX closed above 12,000 for the first time in about four weeks.

Canadian stocks rallied on Tuesday, led by banks and resource producers amid hopes that Germany and France will lead a rescue of the Euro area. The S&P/TSX Composite Index rose 287.19 points or 2.48 percent to 11,875.55, after inspectors in Europe recommended that Greece get its next installment of bailout funds.

After failing to sustain an initial downward move, stocks have turned in a lackluster performance over the course of morning trading on Tuesday. The major averages have turned mixed on the day after ending the previous session sharply higher.

Canadian stocks may extend gains at open Thursday amid firm commodities and encouraging cues from the global equity markets. Stocks across Asia ended higher overnight, while European markets were trading in positive territory as investors cheered news that European officials are strengthening efforts to shore up the euro zone's banking sector.

Bay Street stocks may open higher Wednesday as energy prices rebounded from yearly lows and European equities moved higher amid speculation European Union officials are examining how to recapitalize the region's banks. Meanwhile, the IMF said Europe requires about $266 billion to recapitalize banks and has asked the ECB to step up response efforts and cut interest rates if risks persist.