Bay Street Likely To Open On Weak Note

RTTNews | 642 dias atrás
Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian shares are likely to open with a negative bias Wednesday morning, weighed down by weak crude oil prices and weak European markets. Uncertainty about the outlook for interest rates is likely to weigh as well.

Data on Canadian producer and raw materials prices may also make a significant impact on investor sentiment.

Data on Canadian producer and raw materials prices for the month of December are due at 8:30 AM ET.

Producer prices in Canada decreased by 0.4% over a month in November, following a downwardly revised 0.9% drop in October. On yearly basis, producer prices declined by 2.3% in November, after a downwardly revised 2.6% drop in October.

Raw materials price index in Canada declined by 4.2% month-over-month in November, after a revised 2.6% drop in October. Year-on-year, raw materials prices dropped by 4.6% in November.

In company news, Manulife Financial Corp. (MFC.TO) has announced that it is partnering with UpLink, the World Economic Forum's or WEF open innovation platform, to design investment in longevity innovation.

Under the three-year partnership, annual Manulife powered Global Longevity Innovation challenges, run by UpLink, will source global start-ups with a view to support an ecosystem of innovators.

Mullen Group Ltd. (MTL.TO) announced that it has entered into a letter of intent to acquire Canadian logistics company ContainerWorld Forwarding Services Inc. ContainerWorld is anticipated to generate around C$150 million of annualized revenue.

Pan American Silver Corp. (PAAS.TO) reported an increase in preliminary gold and silver production for the full year, supported by the acquisition of Yamana Gold Inc.

For the full year, the company registered gold production of 882.9 thousand ounces, up 60% from last year. Silver production stood at 20.4 million ounces, up 11% from 2022. The company's Zinc output for the year stood at 38.8 thousand tons or Kt, followed by Lead at 18.7 Kt, and Copper output of 5 Kt.

The Canadian market ended lower on Tuesday as hopes of an early rate cut by the central bank faded a bit after data showed an acceleration in the nation's consumer price inflation in the month of December.

Weak crude oil and bullion prices triggered some heavy selling at several counters in energy and materials sectors, contributing substantially to market's decline.

Data from Statistics Canada showed that the consumer price index rose 3.4% year-on-year in December, following a 3.1% increase in November. The rate matched expectations.

On a seasonally adjusted monthly basis, consumer prices moved up 0.3%, the same rate as seen in the previous month. Core CPI, excluding food and energy, eased to 0.2% from 0.3% last month.

The benchmark S&P/TSX Composite Index, which tumbled to 20,842.98, ended down 113.79 points or 0.54% at 20,948.09.

Asian stocks ended weak on Wednesday as investors reacted to mixed Chinese data and continued to follow the latest developments in the Middle East.

European stocks are down firmly in negative territory amid uncertainty about early interest rate cuts by central banks after several ECB policymakers warned that markets are getting ahead on rate cut expectations. Somewhat disappointing fourth-quarter GDP data from China weigh as well.

In commodities, West Texas Intermediate Crude oil futures are down $1.33 or 1.84% at $71.07 a barrel.

Gold futures are gaining $1.50 or 0.08% at $2,031.70 an ounce, while Silver futures are down $0.128 or 0.55% at $22.965 an ounce.

read more
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, on widespread expectations of further interest rate cuts by the US Fed amid recent signs of sluggishness in the labor market despite the ongoing shutdown leading to the indefinite delay of the release of key economic data. Asian markets closed mostly higher on Monday.
RTTNews | 18 minutos atrás
Indian Markets Closed For Diwali

Indian Markets Closed For Diwali

Indian stock markets remain closed today for Diwali but there will be a special trading session from 1:45 p.m. to 2:45 p.m. IST to mark the festival. Generally, the Muhurat trading session is held in the evening every year.
RTTNews | 54 minutos atrás
Thai Shares Tipped To Open To The Upside

Thai Shares Tipped To Open To The Upside

The Thai stock market moved back to the upside again on Monday, one session after ending the two-day winning streak in which it had jumped more than 25 points or 2 percent. The Stock Exchange of Thailand now sits just under the 1,285-point plateau and it's expected to open higher again on Tuesday.
RTTNews | 1h 24min atrás
Higher Open Called For Indonesia Stock Market

Higher Open Called For Indonesia Stock Market

The Indonesia stock market bounced higher again on Monday, one session after ending the three-day losing streak in which it had dropped more than 200 points or 2.6 percent. The Jakarta Composite Index now rests just beneath the 8,090-point plateau and it's got a solid lead again for Tuesday's trade.
RTTNews | 1h 54min atrás
Japanese Market Significantly Higher

Japanese Market Significantly Higher

The Japanese stock market is trading significantly higher on Tuesday, extending the strong gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 49,700 level to all-time highs, with gains in index heavyweights, exporters and financial stocks.
RTTNews | 2h 0min atrás
Hong Kong Shares Expected To Open In The Green

Hong Kong Shares Expected To Open In The Green

The Hong Kong stock market on Monday snapped the two-day slide in which it had dropped more than 660 points or 2.6 percent. The Hang Seng Index now rests just beneath the 25,860-point plateau and it may see additional support on Tuesday.
RTTNews | 2h 9min atrás
China Bourse May Reclaim 3,900-Point Level

China Bourse May Reclaim 3,900-Point Level

The China stock market moved back to the upside again on Monday, one session after ending the two-day winning streak in which it had climbed more than 50 points or 1.2 percent. The Shanghai Composite Index now sits above the 3,860-point plateau and it's expected to open to the upside again on Tuesday.
RTTNews | 2h 24min atrás
Australian Market Notably Higher

Australian Market Notably Higher

The Australian stock market is trading notably higher on Tuesday, adding to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 9,050 level, with gains across most sector led by mining and technology stocks.
RTTNews | 2h 33min atrás