Bay Street Seen Opening Notably Lower On Recession Fears

RTTNews | vor 1071 Tagen

(RTTNews) - Sharply lower Canadian and U.S. futures, falling commodity prices and a sell-off in Asian and European markets amid mounting fears of a recession, point to a gap down opening for Canadian shares on Friday.

In Canadian company news, Bausch Health Companies Inc. (BHC.TO) and Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals Ltd., announced Friday that RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray) has been approved by Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms in adults, adolescents, and children aged 6 years and older.

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

A preliminary report on manufacturing sales during the month of August is also due at 8:30 AM ET.

After opening on a positive note, the Canadian market slipped and stayed weak on Thursday amid concerns about global growth after central banks, including the Federal Reserve, raised policy rates sharply to combat inflation.

The benchmark S&P/TSX Composite Index ended with a loss of 181.86 points or 0.95% at 19,002.68, extending losses to a third straight session.

Asian stocks closed weak, extending losses for a third day running, amid concerns about elevated inflation and slowing global growth.

Chinese shares fell notably on growth concerns, with Nomura cutting its China 2023 annual growth forecast further to 4.3% from 5.1% in light of ongoing COVID woes. Japanese markets were closed for Autumnal Equinox holiday.

European stocks are down sharply amid concerns about a possible global recession. S&P Global's Eurozone manufacturing purchasing managers' index fell to 48.5 in September from 49.6 a month earlier, according to preliminary estimates released earlier in the day.

Also, the downturn in British businesses deepened this month because of soaring costs and faltering demand. The S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.74 or 3.28% at $80.75 a barrel.

Gold futures are down $28.00 or 1.67% at $1,653.10 an ounce, while Silver futures are lower by $0.547 or 2.79% at $19.070 an ounce.

U.S. Dollar Falls Against Most Majors

The U.S. dollar weakened against its most major counterparts in the New York session on Friday.

RTTNews | vor 5Std 7 Minuten

German Inflation Accelerates To 2.2% In August

Consumer price inflation in Germany climbed in August to its highest level in five months, while the core figure was steady amid an acceleration in food price growth, and weakened chances for further easing from the European Central Bank in the near term.

RTTNews | vor 6Std 27 Minuten

Canadian Market Up In Positive Territory; BRP Rises Sharply On Strong Earnings

Despite weak GDP data, the Canadian market is up firmly in positive territory Friday afternoon with stocks from materials and healthcare sectors contributing significantly to the gains.

RTTNews | vor 8Std 40 Minuten

Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.

RTTNews | vor 9Std 17 Minuten

European Stocks Close Lower On Geopolitical Tensions

European stocks closed lower on Friday, weighed down by geopolitical concerns due to rising clashes in Gaza and Ukraine, and political uncertainty in France. Investors also digested the latest batch of economic data, including the closely watched U.S. personal consumption expenditure report.

RTTNews | vor 9Std 45 Minuten

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

RTTNews | vor 12Std 30 Minuten

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

RTTNews | vor 12Std 49 Minuten

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

RTTNews | vor 13Std 32 Minuten

EURUSD	1.1684	GBPUSD	1.34987	AUDUSD	0.6538
USDJPY	147.04	USDCAD	1.3741	USDCHF	0.80047