Bay Street Seen Opening Weak On Recession Fears

RTTNews | Před 964 dny

(RTTNews) - Canadian shares are set to open on a weak note on Monday, weighed down by lower commodity prices amid rising fears the global economy is slipping into a recession.

Bank of Nova Scotia (BNS.TO) announced Monday that it has appointed Scott Thomson as President and CEO, effective February 1, 2023. Thomson succeeds Brian Porter, who has decided to retire as President and Chief Executive Officer, effective January 31, 2023.

On the economic front, preliminary data on Canadian wholesale sales for the month of August is due at 8:30 AM ET.

The Canadian market suffered its worst setback in more than than three months on Friday as rising fears of a recession due to aggressive monetary tightening by global central banks to fight inflation rendered the mood extremely bearish.

The benchmark S&P/TSX Composite Index ended with a loss of 521.70 points or about 2.8% at 18,480.98, a two-month closing low. The index, which suffered its biggest single-session drop since June 16 today, shed 4.7% in the week.

Asian stocks fell on Monday to extend recent losses, the dollar surged to new 20-year highs on rising yields, gold held at 2-1/2-year trough and oil extended last week's losses as recession fears gripped financial markets.

The Chinese government raised the foreign exchange risk reserve requirements for financial institutions to stem a drop in the yuan, which touched a 28-month low against the dollar today.

European stocks are turning in a mixed performance in cautious trade amid worries about an economic downturn. Investors are also digesting the latest data from Germany, and the victory of a right-wing bloc led by Giorgia Meloni in Italy's parliamentary elections on Sunday.

German business confidence declined to the lowest level in more than two years in September signaling that the economy is slipping into a recession. The Ifo institute said its business climate index fell to 84.3 from 88.5 in August, with both the current assessment component and expectations dropping significantly.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.98 or 1.24% at $77.76 a barrel.

Gold futures are down $7.00 or 0.42% at $1,648.60 an ounce, while Silver futures are lower by $0.200 or 1.06% at $18.710 an ounce.

U.S. Dollar Higher On Trade Hopes

The U.S. dollar appreciated against its major counterparts in the New York session on Friday, as investors focused on developments on the trade front.

RTTNews | Před 1 dnem

Swiss Market Ends On Firm Note On Upbeat Industrial Production Data

After a positive start and a subsequent rise to higher levels Friday morning, the Switzerland market remained firm despite paring some gains, and ended the day's session on a bright note. Data showing a sharp jump in Swiss industrial production in the first-quarter aided sentiment.

RTTNews | Před 1 dnem

European Stocks Close Week On Positive Note

European stocks closed higher on Friday thanks to easing trade tensions following the announcement of the U.S.-China deal earlier in the week, and reports that the EU bloc's talks with the U.S. for a reduction in tariffs are making positive progress.

RTTNews | Před 1 dnem

Canadian Market Recovers After Weak Start; TSX Up Marginally

Canadian stocks are turning in a mixed performance a little past noon on Friday after recovering from an early setback. Investors appear to be making cautious moves after eight straight days of gains that saw the market climb to a new record high on Thursday.

RTTNews | Před 1 dnem

U.S. Consumer Sentiment Unexpectedly Continues To Deteriorate In May

Consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April. Economists had expected the index to inch up to 53.4.

RTTNews | Před 1 dnem

U.S. Import, Export Prices Unexpectedly Inch Higher In April

The Labor Department released a report on Friday unexpectedly showing modest increases by both U.S. import and export prices in the month of April. The report said import prices crept up by 0.1 percent in April after falling by a downwardly revised 0.4 percent in March.

RTTNews | Před 1 dnem

U.S. Housing Starts Rebound Less Than Expected In April, Building Permits Pull Back Sharply

While the Commerce Department released a report on Friday showing a rebound by new residential construction in the U.S. in the month of April, the report also showed a substantial pullback by building permits during the month.

RTTNews | Před 1 dnem

Eurozone Trade Surplus Surges On Exports To US

The euro area trade surplus grew strongly in March as exports to the U.S increased sharply ahead of the expected increase in trade tariffs. The trade balance showed a surplus of EUR 36.8 billion compared to a EUR 22.8 billion surplus in the same period last year, Eurostat reported Friday.

RTTNews | Před 1 dnem

EURUSD	1.11549	GBPUSD	1.32809	AUDUSD	0.64069
USDJPY	145.873	USDCAD	1.39826	USDCHF	0.83882

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Bay Street Seen Opening Weak On Recession Fears