Bay Street Likely To Open On Mixed Note; Earnings, Fed Meeting In Focus

RTTNews | vor 38 Tagen

(RTTNews) - Canadian shares look headed for a mixed start Tuesday morning with investors tracking commodity prices, and a slew of earnings updates from Canadian and U.S. companies. The focus will be on Federal Reserve's monetary policy meeting, which gets underway today.

The Fed is widely expected to leave interest rate unchanged tomorrow. The focus will be on the accompanying statement and Fed Chair Jerome Powell's press conference. Investors now expect the Fed to announce a rate cut in September.

On the Canadian economic front, final data on Canadian GDP for month of February, and a preliminary reading for the month of March, are due at 8:30 AM ET.

In Canadian earnings news, Ivanhoe Mines Ltd. (IVN.TO) reported adjusted EBITDA of $126 million for the first-quarter of 2024, compared with $172 million for the same period in 2023.

Restaurant Brands International (QSR.TO) reported adjusted profit of US$ 331 million, or US$ 0.73 per share for the first quarter of this year, compared with adjusted profit of US$ 340 million, or US$ 0.75 per share, last year.

Cameco Corporation (CCO.TO) reported first-quarter net loss of $7 million, or $0.02 per share, as against net profit of $119 million, or $0.27 per share in the first-quarter of the previous year.

The Canadian market ended slightly higher on Monday, thanks to gains in select healthcare, energy, materials and utilities stocks. Stocks moved in a tight band in somewhat lackluster moves by investors who stayed cautious, looking ahead to Fed policy announcement, and some crucial economic data, due later in the week.

The benchmark S&P/TSX Composite Index ended with a gain of 42.38 points or 0.19% at 22,011.62, after moving between 21,903.05 and 22,052.06.

Asian stocks ended higher on Tuesday, with Chinese markets underperforming after the release of mixed PMI data.

European stocks are a bit subdued in cautious trade ahead of the Federal Reserve's monetary policy meeting. Investors are digesting the latest batch of economic data from the region.

Preliminary flash estimate from Eurostat showed that the euro area economy expanded in the first quarter after two consecutive declines, with gross domestic product growing by more-than-expected 0.3% on quarter following a 0.1% fall each in the fourth and third quarters of 2023.

The German economy also avoided recession in the first quarter, with GDP growing more-than-expected 0.2% sequentially in the first quarter, in contrast to the revised 0.5% decrease in the preceding period.

Meanwhile, headline inflation in the euro area came in at 2.4% in April, matching forecasts. On a monthly basis, inflation was 0.6%.

In commodities, West Texas Intermediate Crude oil futures are up $0.58 or 0.7% at $83.21 a barrel.

Gold futures are down $36.70 or 1.56% at $2,321.00 an ounce, while Silver futures are lower by $0.875 or 3.16% at $26.785 an ounce.

U.S. Consumer Credit Climbs Much Less Than Expected In April

Consumer credit in the U.S. increased by much less than expected in the month of April, according to a report released by the Federal Reserve on Friday.

RTTNews | vor 5Std 39 Minuten

Why Do Economists Think Jobs Report Could Delay Fed Rate Cuts?

The strong set of employment figures released on Friday have sent market expectations for Fed rate cuts lower as the data pointed to a strong labor market and the increase in wages could add to the stickiness of inflation. Non-farm payroll employment surged by 272,000 jobs in May, data from the Labor Department showed Friday. Economists had forecast employment growth of about 185,000 jobs.

RTTNews | vor 6Std 19 Minuten

Swiss Market Ends Marginally Up

The Switzerland market ended slightly higher on Friday after a choppy session, as investors largely refrained from making significant moves.

RTTNews | vor 6Std 43 Minuten

European Stocks Close Lower As Investors Move Past ECB Rate Cut, Digest U.S. Jobs Data

European stocks closed lower on Friday as the euphoria over an interest rate cut by the European Central Bank subsided a bit, and expectations of an early interest rate cut by the Federal Reserve faded a bit after data showed a much stronger than expected growth in U.S. non-farm payroll employment in May.

RTTNews | vor 6Std 55 Minuten

U.S. Dollar Higher As Rate Cut Bets Ease After Strong Jobs Data

The U.S. dollar firmed against its major counterparts in the New York session on Friday, as stronger-than-expected jobs data for May reduced hopes of an interest rate cut by the Federal Reserve in September.

RTTNews | vor 7Std 0 Minuten

Canadian Market Weighed Down By Losses In Materials Sector

The Canadian market is down in negative territory around noon on Friday, weighed down by losses in materials section due to weak metal prices. Investors are also digesting the jobs data from Canada and the U.S.

RTTNews | vor 8Std 45 Minuten

Eurozone Economy Recovers On Household Spending, Trade

The euro area economy recovered as initially estimated in the first quarter, driven by household spending along with favorable net exports, the latest data from Eurostat showed on Friday. Gross domestic product grew 0.3 percent sequentially, reversing the 0.1 percent fall in the final quarter of 2003. The rate confirmed the second estimate published on May 15.

RTTNews | vor 10Std 12 Minuten

U.S. Wholesale Inventories Inch Up Slightly Less Than Expected In April

Wholesale inventories in the U.S. crept up by slightly less than expected in the month of April, according to a report released by the Commerce Department on Friday. The Commerce Department said wholesale inventories inched up by 0.1 percent in April after falling by a revised 0.5 percent in March. Economists had expected wholesale inventories to rise by 0.2 percent.

RTTNews | vor 10Std 19 Minuten

EURUSD	1.08009	GBPUSD	1.27215	AUDUSD	0.65807
USDJPY	156.737	USDCAD	1.37622	USDCHF	0.89647