Bay Street Likely To Open On Cautious Note; Fed Policy In Focus

RTTNews | hace 668

(RTTNews) - The Canadian market is likely to open on a cautious note on Wednesday as investors await the Federal Reserve's monetary policy announcement, due later in the day. Energy stocks may gain on higher crude oil prices.

On the Canadian economic front, a report by Markit Economics on Canadian manufacturing activity in the month of October is due at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI fell to 47.5 in September of 2023 from 48 in the previous month, pointing to the fifth consecutive contraction in Canadian factory activity, and at the sharpest pace since the pandemic-driven crash in the second quarter of 2020.

In earnings news, Thomson Reuters (TRI.TO) reported third-quarter operating profit of $441 million, compared to $398 million in the year-ago quarter.

Secure Energy Services Inc (SES.TO) reported third-quarter net income of $47 million, compared to $60 million a year ago.

Canada Goose Holdings Inc. (GOOS.TO) reported second-quarter adjusted net income of $16.2 million, compared with $20.3 million in the year-ago quarter.

SSR Mining Inc. (SSRM.TO) reported third-quarter adjusted net income of US$53.0 million, as against a loss of US$13.5 million in the year-ago quarter.

Canadian stocks closed higher on Tuesday, gaining for a second straight session. In addition to digesting Canadian GDP data and corporate earnings updates, investors awaited the Federal Reserve's monetary policy.

The benchmark S&P/TSX Composite Index ended the session with a marginal gain of 16.71 points or 0.09% at 18,873.47.

Asian stocks ended broadly higher on Wednesday, with Japanese markets leading regional gains after the Bank of Japan loosened its grip on government bond yields.

Middle East worries persisted and Chinese manufacturing data disappointed, helping limit overall gains in the region. Purchasing managers' indexes (PMIs) for China, Japan, South Korea and Australia showed activity shrinking.

European stocks are somewhat subdued around noon, with investors making cautious moves ahead of the Federal Reserve's monetary policy announcement.

In commodities, West Texas Intermediate Crude oil futures are up $1.48 or 1.82% at $82.50 a barrel.

Gold futures are down $2.10 or 0.12% at $1,992.20 an ounce, while Silver futures are lower by $0.182 or 0.79% at $22.770 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 | hace 12h 15min

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 | hace 13h 34min

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 | hace 15h 48min

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 | hace 16h 24min

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 | hace 16h 53min

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 | hace 19h 38min

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 | hace 19h 56min

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 | hace 20h 40min

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