Canadian Market Up Firmly In Positive Territory After Jobs Data

RTTNews | Před 677 dny
Canadian Market Up Firmly In Positive Territory After Jobs Data

(RTTNews) - The Canadian market is up firmly in positive territory Friday morning with stocks surging higher with weak Canadian and U.S. jobs data raising hopes the Bank of Canada and the Federal Reserve will soon end their interest-rate hiking cycle.

Investors are also reacting to a slew of earnings announcements.

Utilities, energy, financials, materials and industrials shares are among the prominent gainers. Shares from the rest of the sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 201.08 points or about 1% at 20,321.82.

Data from Statistics Canada said the Canadian economy shed 6,400 jobs in July, after seeing an addition of 59,900 jobs in June. Economists had expected the economy to add 21,100 jobs in July.

The data from Statistics Canada also showed that the unemployment rate in Canada edged higher for the third straight month in July, rising to 5.5%, after a 5.4% increase in the previous month.

Meanwhile, average hourly earnings for permanent employees in Canada increased by 5% yoy to $34.6 in July 2023, accelerating from the 3.9% growth in the previous month.

According to a report from the Ivey Business School, the Ivey Purchasing Mangers Index in Canada fell to 48.6 in July from 50.2 in the prior month.

In U.S. economic news, data from the Labor Department said non-farm payroll employment climbed by 187,000 jobs in July after rising by a downwardly revised by 185,000 jobs in June. Economists had expected employment to jump by 200,000 jobs compared to the addition of 209,000 jobs originally reported for the previous month.

The data also said the unemployment rate edged down to 3.5% in July from 3.6% in June. Economists had expected the unemployment rate to remain unchanged.

Enbridge Inc (ENB.TO) reported Second quarter GAAP earnings of $1.8 billion or $0.91 per common share, compared with GAAP earnings of $0.5 billion or $0.22 per common share a year ago. The stock is up by about 0.8%.

Telus Corp (T.TO) is down marginally after reporting a net income of $196 million for the second quarter of this financial year, compared to net income of $498 million in the year-ago quarter.

Telus International (TIXT.TO) are climbing nearly 7%. The company reported a net loss of $7 million for the second quarter, compared with net income of $56 million in the same quarter last year.

TransAlta Corporation (TA.TO) shares are up 3% on strong results. The company reported net earnings of $62 million for the second quarter of this year, compared with net loss of $80 million in the second quarter of the previous financial year.

Magna International (MG.TO) is down 3.7% despite reporting a profit in the second quarter. The company reported net earnings of $339 million or $1.18 per share for the second quarter, compared to a loss of $156 million or $0.54 loss per share in the year-aqo quarter. Adjusted earnings were $1.50 per share, compared to $0.83 per share a year ago.

read more
Euro Rises Amid Risk-on Mood

Euro Rises Amid Risk-on Mood

The euro strengthened against other major currencies in the European session on Wednesday amid increased risk-on mood, as investors monitored the latest updates from Sino-U.S. talks and awaited crucial U.S. inflation data for direction. After two days of discussions in London, U.S. and Chinese officials have agreed on a limited framework to put their trade truce back on track.
RTTNews | Před 1 h 13 min
Euro Rises Against Majors

Euro Rises Against Majors

The euro strengthened against other major currencies in the European session on Wednesday.
RTTNews | Před 1 h 22 min
Sensex, Nifty End Modestly Higher; IT Stocks Lead Gains

Sensex, Nifty End Modestly Higher; IT Stocks Lead Gains

Indian shares eked out modest gains on Wednesday as markets assessed the outcome of high-level U.S.-China talks and awaited key U.S. inflation readings for additional clues on the Federal Reserve's rate trajectory.
RTTNews | Před 1 h 23 min
Tesla Shares Gain As Musk Sets Robotaxi Service Launch Tentatively On June 22

Tesla Shares Gain As Musk Sets Robotaxi Service Launch Tentatively On June 22

Tesla Inc. shares were gaining around 2.4 percent in the pre-market activity on the Nasdaq following a 6 percent jump on Tuesday's regular trading, after the founder and CEO Elon Musk confirmed that the much awaited robotaxi service is tentatively set to launch in Austin, Texas, on June 22. In a post on his social media platform X, Musk said, "Tentatively, June 22. We are being super paranoid...
RTTNews | Před 1 h 26 min
DAX Up Marginally In Cautious Trade As Traders Await U.S. Inflation Data

DAX Up Marginally In Cautious Trade As Traders Await U.S. Inflation Data

German stocks advanced Wednesday morning, reacting positively to the news about top U.S. and Chinese officials reaching a framework to implement the Geneva consensus. If approved, the Sino-U.S. deal will remove some restrictions on China's rare earth exports and unwind a few recent U.S. export bans.
RTTNews | Před 1 h 34 min
Asian Shares Climb On Trade Talk Optimism

Asian Shares Climb On Trade Talk Optimism

Asian stocks advanced on Wednesday after top U.S. and Chinese officials said they have reached a framework to implement the Geneva consensus, following two days of discussions in London.
RTTNews | Před 3 h 14 min
Commodity Currencies Slide Amid Crude Oil Price Drop

Commodity Currencies Slide Amid Crude Oil Price Drop

The commodity currencies such as the Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Wednesday amid crude oil price drop, as markets awaited the outcome of US-China trade talks, which have yet to be approved by President Donald Trump, with China's poor oil demand and OPEC+ output increases weighing on the market.
RTTNews | Před 3 h 41 min