Bay Street Likely To Open With Slightly Negative Bias

RTTNews | 502 dias atrás
Bay Street Likely To Open With Slightly Negative Bias

(RTTNews) - Canadian shares are likely to open with a slightly negative bias Thursday morning amid rising uncertainty over U.S. interest rate trajectory, and renewed geopolitical tensions. Energy stocks may move up on firm crude oil prices and help limit market's downside.

Once again, activity may remain stock specific with investors reacting to a slew of quarterly earnings announcement.

In earnings news, Telus Corporation (T.TO) reported adjusted net earnings of $390 million for the first-quarter of 2024, up 1.0% from $386 million in the year-ago quarter.

Canadian Tire Corporation (CTC.TO) reported first-quarter net income of C$96.0 million, compared to C$42.8 million a year ago.

Quebecor Inc (QBR.TO) reported adjusted income from operating activities of $163.1 million ($0.71 per basic share) for the first quarter of 2024, an increase of $27.1 million ($0.12 per basic share) or 19.9%.

Telus International (TIXT.TO) reported first-quarter net income of $140 million, down 37.5% from a net income of $224 million the company posted in the year-ago quarter.

After five successive days of gains, the Canadian market ended marginally down on Wednesday, recovering well after an early tumble thanks to some strong buying at select counters post mid afternoon.

The benchmark S&P/TSX Composite Index, which fell nearly 250 points to 22,048.94, recovered to settle at 22,259.16, down just 31.46 points or 0.14%.

Asian stocks ended mostly lower on Thursday due to geopolitical tensions and uncertainty over Fed rate cuts, even as Chinese and Hong Kong markets advanced on the back of strong trade data.

European stocks are slightly higher even as the mood remains cautious amid Middle East tensions, and deepening uncertainty over Fed rate cuts.

The Bank of England has maintained its key policy rate for the sixth consecutive meeting today, with the Monetary Policy Committee deciding to hold the Bank Rate at 5.25% again in a split vote. The current bank rate is the highest since early 2008.

While seven members judged that maintaining the rate at the current level was warranted, Swati Dhingra and Dave Ramsden sought a quarter-point reduction at the meeting.

Dhingra and Ramsden said the Bank Rate needed to become less restrictive to enable a smooth and gradual transition in the policy stance, and to account for lags in transmission.

"The MPC remained prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably," the bank said.

In commodities, West Texas Intermediate Crude oil futures are up $0.57 or 0.72% at $79.56 a barrel.

Gold futures are down $1.40 or 0.05% at $2,320.30 an ounce, while Silver futures are gaining $0.329 or 1.19% at $27.930 an ounce.

read more
Lower Open Expected For Hong Kong Stock Market

Lower Open Expected For Hong Kong Stock Market

The Hong Kong stock market has finished lower in two straight sessions, shedding almost 400 points or 1.7 percent along the way. The Hang Seng Index now sits just beneath the 26,160-point plateau and it's tipped open under pressure again on Wednesday.
RTTNews | 11 minutos atrás
Australian Market Notably Lower

Australian Market Notably Lower

Australian shares are trading notably lower on Wednesday, snapping a three-session winning streak, with the benchmark S&P/ASX 200 falling below the 8,000 mark, following the broadly negative cues from Wall Street overnight, with weakness in gold miners, financial and technology stocks partially offset by gains in iron ore miners and energy stocks.
RTTNews | 21 minutos atrás
China Shares Tipped To Open Under Water On Wednesday

China Shares Tipped To Open Under Water On Wednesday

The China stock market turned lower again on Tuesday, one day after snapping the two-day slide in which it had dropped more than 55 points or 1.5 percent. The Shanghai Composite Index now rests just above the 3,820-point plateau and the losses may accelerate on Wednesday.
RTTNews | 26 minutos atrás
Taiwan Stock Market May Spin Its Wheels On Wednesday

Taiwan Stock Market May Spin Its Wheels On Wednesday

The Taiwan stock market has moved higher in back-to-back sessions, collecting more than 675 points or 2.7 percent along the way. The Taiwan Stock Exchange now sits just beneath the 26,250-point plateau although it's expected to be stuck in neutral on Wednesday.
RTTNews | 56 minutos atrás
Singapore Bourse May Hand Back Tuesday's Gains

Singapore Bourse May Hand Back Tuesday's Gains

The Singapore stock market on Tuesday finally halted the seven-day losing streak in which it had slumped more than 55 points or 1.3 percent. The Straits Times Index now sits just above the 4,300-point plateau although it may head south again on Wednesday.
RTTNews | 1h 26min atrás
Rally May Stall For Malaysia Stock Market

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has ticked higher in two straight sessions, collecting more than 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it may run out of steam on Wednesday.
RTTNews | 1h 56min atrás
Renewed Selling Pressure Likely For Japan Stock Market

Renewed Selling Pressure Likely For Japan Stock Market

Ahead of Tuesday's holiday for the Autumnal Equinox, the Japanese stock market had alternated between positive and negative finishes through the previous four trading days, since the end of the four-day winning streak in which it had surged more than 1,430 points or 3.2 percent. The Nikkei 225 now sits just beneath the 45,500-point plateau and it's looking at a soft start on Wednesday.
RTTNews | 2h 11min atrás
KOSPI Due For Profit Taking On Wednesday

KOSPI Due For Profit Taking On Wednesday

The South Korea stock market has finished higher in back-to-back sessions, advancing more than 40 points or 1.1 percent along the way. Now at another fresh record closing high, the KOSPI sits just above the 3,485-point plateau although investors are likely to lock in gains on Wednesday.
RTTNews | 2h 26min atrás