Canadian Market Down Sharply On Weak U.S. Economic Data, Earnings

RTTNews | vor 412 Tagen

(RTTNews) - The Canadian market is down sharply on Friday with stocks across the board reeling under a severe bout of selling pressure amid rising fears the U.S. economy could fall into a recession.

After the weak manufacturing activity report on Thursday, the Labor Department's data today showing a much smaller than expected addition of jobs in U.S. non-farm payroll employment in the month of July and an increase in unemployment have raised concerns about growth in the world's largest economy.

Some highly disappointing earnings updates from big name U.S. companies, including Intel and Amazon, also weigh on sentiment.

Energy, technology, materials, healthcare, financials and industrials shares are mostly down with sharp losses. Consumer discretionary, real estate and consumer staples shares not faring any significantly better either. A few stocks from utilities and communications sectors are finding modest support.

The benchmark S&P/TSX Composite Index, which plunged to 22,020.18 earlier in the session, was down 571.84 points or 2.52% at 22,151.37 a little while ago.

Precision Drilling Corp (PD.TO), Celestica Inc (CLS.TO), Bombardier Inc (BBD.B.TO) and Shopify Inc (SHOP.TO) are down 7 to 8%.

Dayforce (DAY.TO), Fairfax Financial Holdings (FFH.TO), Kinaxis Inc (KXS.TO), Cargojet (CJT.TO), Colliers International (CIGI.TO), Stantec (STN.TO), Descartes Systems Group (DSG.TO), TFI International (TFII.TO) and Constellation Software (CSU.TO) are lower by 3 to 6%.

Imperial Oil Limited (IMO.TO) reported a net income of $1,133 million for the second quarter of 2024, compared to $675 million a year ago. The stock is down 2%.

Telus Corp (T.TO) is gaining 1.5%. The company announced that it posted a net income of $221 million in the second quarter of the current financial year, up 12.8% compared to a net income of $196 million in the year-ago quarter.

Magna International Inc. (MG.TO) is down 5.2% after reporting net income of $313 million for the quarter ended June 2024, compared to $339 million in the year-ago quarter.

Canadian Utilities Limited (CU.TO) is up 0.5%. The company announced second quarter 2024 adjusted earnings of $117 million ($0.43 per share), compared to $100 million ($0.37 per share) in the second quarter of 2023.

ATCO Ltd. (ACO.X.TO) reported adjusted earnings of $96 million ($0.86 per share) for the second quarter this fiscal, compared to $87 million ($0.77 per share) in the second quarter of 2023. The stock is traded modestly higher.

Enbridge Inc. (ENB.TO) reported adjusted earnings of $1.2 billion or $0.58 per common share for the second-quarter, compared with $1.4 billion or $0.68 per common share in the year-ago quarter. The stock is up marginally.

Sensex, Nifty Open Lower After Three Days Of Gains

Indian shares traded lower on Friday due to profit taking after recent gains supported by GST reforms and encouraging progress in India-U.S. trade discussions.

RTTNews | vor 10 Minuten

Australian Dollar Falls Against Majors

The Australian dollar weakened against other major currencies in the Asian session on Friday.

RTTNews | vor 1Std 9 Minuten

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market moves on Friday, reversing the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up near the 8,800 level, with gains in financial, energy and technology stocks partially offset by a mixed performance in mining stocks.

RTTNews | vor 1Std 29 Minuten

Asian Markets Trade Mixed

Asian stock markets are trading mixed on Friday, following the broadly positive cues from Wall Street overnight, as traders continued to digest the US Fed's interest rate cut by a quarter point and its impact on the markets. Fed officials' forecasts suggest two more rate cuts this year but just one next year, although there were significant differences of opinion about the outlook.

RTTNews | vor 1Std 48 Minuten

Sensex, Nifty Eye Cautious Start After Recent Gains

Indian shares are seen opening little changed on Friday after recent gains supported by GST reforms and encouraging progress in India-U.S. trade discussions.

RTTNews | vor 2Std 17 Minuten

Thai Shares May Halt Slide On Friday

The Thai stock market has moved lower in consecutive trading days, shedding more than 10 points of 0.8 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,300-point plateau, although it may find support on Friday.

RTTNews | vor 2Std 50 Minuten

Japanese Market Notably Higher

Extending the gains in the previous session, the Japanese market is notably higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 45,700 level, with gains across most sectors led by automakers, financial and technology stocks.

RTTNews | vor 3Std 8 Minuten

Higher Open Tipped For Indonesia Stock Market

The Indonesia stock market on Thursday ended the seven-day winning streak in which it had surged almost 400 points or 5 percent. The Jakarta Composite Index now sits just shy of the 8,010-point plateau, although it may tick higher again on Friday.

RTTNews | vor 3Std 20 Minuten

EURUSD	1.17733	GBPUSD	1.35447	AUDUSD	0.66046
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