Bay Street Likely To Open Lower

RTTNews | vor 657 Tagen

(RTTNews) - Canadian shares are likely to open weak on Tuesday, tracking subdued European stocks, and falling commodity prices. With the focus on the upcoming speeches by Federal Reserve Chair Jerome Powell, and officials from European and U.K. central banks, the mood is likely to remain cautious.

Investors are likely to react to a slew of quarterly earnings updates.

Stella-Jones Inc (SJ.TO) reported third-quarter net income of $110 million, or $1.91 per shares, up 79% from Earnings Per Share in the third quarter of the previous financial year.

TransAlta Corporation (TA.TO) reported third-quarter net earnings of $372 million, up $311 million from the year-ago quarter.

Cargojet Inc. (CJT.TO) said it posted net earnings of $10.5 million for the quarter quarter ended September 30, 2023, compared to net earnings of $83.4 million in 2022.

Bitfarms Limited (BITF.TO) reported a net loss of US$ 18.7 million for the third-quarter, compared with net loss of US$ 84.8 million in the year-ago quarter.

Ballard Power Systems Inc. (BLDP.TO) announced on Monday that it received an order for 2.4 MW of additional fuel cell engines from Canadian Pacific Kansas City. These twelve, 200 kW fuel cell engines are planned for delivery in 2023.

On the economic front, Canada's trade data for the month of September is due at 8:30 AM ET.

Canada posted a trade surplus of C$ 0.72 billion in August, the first trade surplus since April. Exports soared by 5.7% to C$ 64.56 billion, while imports rose by 3.8% to C$ 63.84 billion.

The Canadian market ended weak on Monday, as investors appeared reluctant to make significant moves despite easing concerns about the outlook for interest rate after last week's softer than expected U.S. jobs data.

The benchmark S&P/TSX Composite Index ended with a loss of 80.91 points or 0.41% at 19,743.94, after scaling a high of 10,905.37 and a low of 19,709.99 intraday.

Asian stocks ended weak on Tuesday with a resurgence in U.S. Treasury yields and mixed China data weighing on investor sentiment.

China's exports shrank 6.4% year-on-year in October, while imports unexpectedly grew 3% to snap 11 straight months of decline, official data showed in a sign that recovery in the world's second-largest economy remains uneven despite a series of government stimulus measures.

European stocks are subdued Tuesday as China reported mixed trade data and investors look ahead to Fed Chair Jerome Powell's speech due on Wednesday and Thursday for additional clarity on the U.S. rate outlook.

Meanwhile, data showed German industrial output registered a monthly fall of 1.4% in September, faster than the revised 0.1% drop in August. This was the fourth consecutive decline. On a yearly basis, industrial production registered a 3.7% fall in September.

In commodities, West Texas Intermediate Crude oil futures are down $1.19 or 1.47% at $79.63 a barrel.

Gold futures are down $22.90 or 1.16% at $1,965.70 an ounce, while Silver futures are lower by $0.614 or 2.64% at $22.620 an ounce.

Japanese Market Significantly Lower

The Japanese stock market is trading significantly lower on Tuesday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 42,400 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.

RTTNews | vor 12 Minuten

Indonesia Bourse May Hand Back Monday's Gains

The Indonesia stock market on Monday wrote a finish to the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,925-point plateau although it's looking at a soft start on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | vor 14 Minuten

Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | vor 30 Minuten

Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Tuesday, recouping the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains gold miners.

RTTNews | vor 32 Minuten

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

RTTNews | vor 45 Minuten

Taiwan Bourse May Hand Back Monday's Gains

The Taiwan stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 24,275-point plateau although it's expected to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. For the day, the index surged 512.91 points or 2.16 points to finish at 24,277.38 after trading between 24,108.75 and 24,362.02. Among the actives, Mega Financial and United Microelectronics Corporation both eased 0.12 percent, while Fubon Financial jumped 1.93 percent, E Sun Financial and Formosa Plastics both sank 0.74 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.08 percent, Hon Hai Precision rallied 2.47 percent, Largan Precision added 0.42 percent, MediaTek soared 3.30 percent, Novatek Microelectronics climbed 1.18 percent, Nan Ya Plastics surged 3.53 percent, Asia Cement gained 0.40 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged.

RTTNews | vor 1Std 14 Minuten

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | vor 1Std 44 Minuten

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | vor 2Std 14 Minuten

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