Canadian Stocks Climb Higher On Upbeat Earnings

RTTNews | hace 453

(RTTNews) - The Canadian market is up firmly in positive territory Thursday morning amid slightly easing concerns about the outlook for interest rates after data showed a slowdown in U.S. economic growth in the first quarter and an increase in jobless claims last week.

Upbeat second-quarter results from Royal Bank of Canada (RY.TO) has triggered strong buying in the banking sector, contributing to market's rise.

The benchmark S&P/TSX Composite Index was up 177.81 points or 0.81% at 22,075.79 about a few minutes ago.

Royal Bank of Canada (RY.TO) is up nearly 5%. The bank reported net income of $4.0 billion for the quarter ended April 30, 2024 , up $270 million or 7% from the prior year.

Canadian Imperial Bank of Commerce (CM.TO) is up 5% after reporting adjusted net income of $1,718 million for the second quarter, compared to $1,628 million a year ago.

EQB Inc (EQB.TO) is soaring nearly 8.5%. The company announced after trading hours on Wednesday that its second-quarter adjusted net income came in at $111 million, up 2% quarter on quarter, and up 8% on the year.

Canopy Growth Corporation (WEED.TO) is gaining nearly 4%. The company reported fourth-quater net loss of C$92.3 million, or C$1.03 a share, compared to net loss of C$640.1 million, or C$12.83 a share, in the year-ago quarter.

Utilities stocks Innergex Renewable Energy (INE.TO) is climbing 6.5%. Boralex (BLX.TO) is up 4.75%, while Brookfield Renewable Partners (BEP.UN.TO) and Brookfiled Infra Partners (BIP.UN.TO) are up 2.8% and 2.6%, respectively.

A report from the Canadian Federation of Independent Business said its business barometer in Canada, reflecting 12-month forward expectations for business performance in the country, climbed to 56.4 in May from an upwardly revised 47.6 in the prior month.

Revised data released by the Commerce Department on Thursday showed U.S. economic growth slowed by more than previously estimated in the first quarter of 2024. The Commerce Department said gross domestic product climbed by 1.3% in the first quarter compared to the previously reported 1.6% growth.

Meanwhile, first-time claims for U.S. unemployment benefits crept modestly higher in the week ended May 25th, according to a report released by the Labor Department.

Malaysia Stock Market Expected To Open To The Upside On Wednesday

The Malaysia stock market on Tuesday wrote a finish to the three-day winning streak in which it had collected almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,580-point plateau although it's likely to rebound on Wednesday.

RTTNews | hace 21 minutos

Japan Stock Market May See Renewed Support

The Japan stock market on Tuesday halted the two-day winning streak in which it had advanced almost 200 points or 0.5 percent. The Nikkei 225 now rests just beneath the 42,400-point plateau although it's expected to open in the green on Wednesday. The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead. The Nikkei finished sharply lower on Tuesday following losses from the financial shares, technology stocks and automobile producers. For the day, the index slumped 413.42 points or 0.97 percent to finish at 42,394.40 after trading between 42,137.62 and 42,703.27. Among the actives, Nissan Motor plummeted 6.25 percent, while Mazda Motor added 0.40 percent, Toyota Motor retreated 1.41 percent, Honda Motor tumbled 1.71 percent, Softbank Group dropped 0.91 percent, Mitsubishi UFJ Financial sank 0.72 percent, Mizuho Financial shed 0.45 percent, Sumitomo Mitsui Financial skidded 1.01 percent, Mitsubishi Electric tumbled 1.91 percent, Sony Group declined 1.87 percent, Panasonic Holdings slumped 1.11 percent and Hitachi contracted 1.63 percent.

RTTNews | hace 36 minutos

Rebound Tipped For South Korea Stock Market

The South Korea stock market on Tuesday ended the three-day winning streak in which it had improved almost 80 points or 2.6 percent. The KOSPI now sits just shy of the 3,180-point plateau although it may reverse those losses on Wednesday. The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead.

RTTNews | hace 51 minutos

Australia Construction Work Data Due On Wednesday

Australia will on Wednesday see Q2 numbers for construction work done, highlighting a light day for Asia-Pacific economic activity.

RTTNews | hace 1h 51min

U.S. Dollar Falls Against Majors

The U.S. dollar dropped against its major counterparts in the New York session on Tuesday.

RTTNews | hace 3h 4min

TSX Modestly Higher As Financials, Mining Stocks Move Up

Despite concerns about global trade, and political uncertainty in Europe, the Canadian market is modestly higher Tuesday afternoon, supported by gains in materials, industrials and financials sectors.

RTTNews | hace 5h 25min

Swiss Market Settles Weak

After opening with a big negative gap Tuesday morning, the Swiss market gradually recovered some lost ground, and even managed a brief spell in positive territory midway through the session, but failed to sustain momentum and finally ended the day's session in the red.

RTTNews | hace 5h 43min

European Stocks Close Lower On Political Concerns, Tariff Worries

European stocks closed weak on Tuesday, weighed down by political uncertainty in France, and lingering concerns about tariffs and their impact on global economic growth.

RTTNews | hace 6h 6min

EURUSD	1.16396	GBPUSD	1.34789	AUDUSD	0.64956
USDJPY	147.472	USDCAD	1.38342	USDCHF	0.80372