Bay Street Seen Opening On Weak Note

RTTNews | Před 692 dny

(RTTNews) - The Canadian market is headed for a weak start on Thursday, tracking lower crude oil prices and weak Asian and European stocks amid concerns about growth and the ongoing conflict in the Middle East.

The European Central Bank has ended its run of interest rate hikes, despite new upside risks to inflation from oil markets amid the Israel-Hamas war.

The ECB's policy announcement, and crucial U.S. economic data are also likely to make a significant impact on price movements in the Canadian market.

In Canadian earnings news, FirstService Corporation (FSV.TO) reported consolidated revenues of $1.12 billion for the third-quarter, up 16% compared to the year-ago quarter.

Canadian Utilities Limited (CU.TO) reported third quarter 2023 adjusted earnings of $87 million ($0.32 per share), compared to $120 million ($0.45 per share) in the third quarter of 2022.

ATCO Ltd. (ATCO.TO) reported third quarter 2023 adjusted earnings of $81 million ($0.71 per share), compared to $87 million ($0.76 per share) in the year-ago quarter.

Precision Drilling Corporation (PD.TO) reported third-quarter net earnings of $20 million or $1.45 per share compared to $31 million or $2.26 per share in the corresponding quarter last year.

On the economic front, a report from the Canadian Federation of Independent Business showed Canada's CFIB Business Barometer long-term optimism index fell for the second straight month to 47.2 in October 2023 from 48.7 in the prior month. It was the lowest reading since April 2020.

Data on average weekly earnings for the month of August, and preliminary reading for manufacturing sales in the month of September, are due at 8:30 AM ET.

Canadian stocks ended weak on Wednesday, extending losses to a sixth straight day, and the longest losing streak in four months, amid concerns about interest rates and the outlook for economic growth.

Worries about the conflict in the Middle East, and higher bond yields hurt as well.

The benchmark S&P/TSX Composite Index ended down 38.64 points or 0.2% at 18,947.85, the lowest close in 12 months.

The Bank of Canada decided to leave interest rate unchanged at 5%, but warned that it is prepared to raise policy rate further if needed as inflationary risks have increased.

Asian stocks declined on Thursday, tracking steep losses on Wall Street overnight on surging bond yields and mixed earnings news.

Investors also awaited cues from U.S. third-quarter gross domestic product data due later in the day before a Federal Reserve meeting next week.

European stocks are down in negative territory, weighed down by downbeat earnings from the likes of WPP, Unilever, Mercedes Benz and BNP Paribas added to concerns around elevated bond yields and the Middle East tensions.

In commodities, West Texas Intermediate Crude oil futures are down $2.47 or 2.89% at $82.92 a barrel.

Gold futures are down marginally at $1,994.70 an ounce, while Silver futures are gaining $0.068 or 0.3% at $23.075 an ounce.

Fed Cuts Rates By Quarter Point, Forecasts Two More Rate Cuts This Year

In a widely expected move, the Federal Reserve on Wednesday announced that it has decided to lower interest rates by a quarter point, marking the first rate cut of 2025. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 4.0 percent to 4.25 percent, citing a shift in the balance of risks.

RTTNews | Před 3 h 58 min

Swiss Market Ends Marginally Down

After a weak start and a subsequent long spell in negative territory, the Switzerland market briefly moved above the flat line in late afternoon trade on Wednesday, but failed to sustain momentum and settled marginally down with a few frontline stocks turning weak again.

RTTNews | Před 4 h 25 min

European Markets Close Mixed After Cautious Session

European stocks turned in a mixed performance on Wednesday with investors digesting regional economic data, and awaiting the Federal Reserve's monetary policy announcement due later in the day.

RTTNews | Před 4 h 54 min

Canadian Market Modestly Higher At Noon; BoC Lowers Interest Rate

Canadian stocks are up in positive territory around noon on Wednesday with investors reacting to the Bank of Canada's decision to cut interest rates by 25 basis points. The recent weak labor market data and economic slowdown have raised prospects of further easing by the Canadian central bank.

RTTNews | Před 6 h 21 min

Bank Of Canada Lowers Interest Rates By A Quarter Point

After leaving interest rates unchanged for three straight meetings, the Bank of Canada on Wednesday announced its widely expected decision to lower rates by a quarter point. The Bank of Canada said it decided to reduce its target for the overnight rate by 25 basis points to 2.5 percent, with the Bank Rate at 2.75 percent and the deposit rate at 2.45 percent.

RTTNews | Před 7 h 2 min

U.S. Housing Starts Pull Back Much More Than Expected In August

After reporting significant increases in new residential construction in the U.S. over the two previous months, the Commerce Department released a report on Wednesday showing housing starts pulled back by much more than expected in the month of August. The Commerce Department said housing starts plummeted by 8.5 percent to an annual rate of 1.307 million in August.

RTTNews | Před 8 h 2 min

UK Inflation Unchanged At 3.8%

U.K. consumer price inflation remained sticky in August on higher food prices, official data showed Wednesday, ahead of the policy announcement by the Bank of England on Thursday. The consumer price index rose 3.8 percent on a yearly basis in August, the same rate of increase as seen in July, the Office for National Statistics reported. Inflation matched economists' expectations and stood well ab

RTTNews | Před 9 h 14 min

U.S. Housing Starts Plunge 8.5% In August, Much More Than Expected

RTTNews | Před 9 h 45 min

EURUSD	1.1819	GBPUSD	1.36287	AUDUSD	0.6655
USDJPY	146.916	USDCAD	1.37713	USDCHF	0.78862