TSX Ends On Strong Note On Optimism About Interest Rates

RTTNews | hace 752

(RTTNews) - The Canadian market ended on a buoyant note on Friday with investors picking up stocks amid rising optimism the Federal Reserve is done with interest rate hikes.

The mood remained bullish despite Fed Chair Jerome Powell calling speculation about interest rate cuts "premature" during remarks at Spelman College today.

Buying was so widespread that all the sectoral indices in the Canadian market moved higher. However, energy and consumer staples sectors, and to an extent - the financials sector - were a bit subdued.

The benchmark S&P/TSX Composite Index ended with a strong gain of 216.58 points or 1.07% at 20,452.87, the highest close since September 18.

The Health Care Capped Index climbed 3.42%. Tilray Inc (TLRY.TO) surged 6.2%. Sienna Senior Living (SIA.TO), Bausch Health Companies (BHC.TO) and Chartwell Retirement Residences (CSH.UN.TO) gained 2.1 to 3%.

The Communications Capped Index surged 2.79%. Quebecor Inc (QBR.B.TO), Rogers Communications (RCI.B.TO), Cogeco Communications (CCA.TO) and Telus Corp (T.TO) gained 2.8 to 3.3%, while BCE Inc (BCE.TO) ended 1.8% up.

The Real Estate Capped Index gained 2.24%, the Industrials Capped Index advanced 2.07%, and the Utilities Index climbed 2.01%. The indices tracking the performances of stocks from materials, consumer discretionary and technology sectors gained 1.67%, 1.62% and 1.24%, respectively.

Bank of Montreal (BMO.TO) gained about 2%. The bank reported fourth-quarter earnings of C$1.49 billion, or C$2.06 per share, compared to C$4.41 billion, or C$6.51 per share a year earlier. Excluding items, adjusted earnings were C$2.02 billion, or C$2.81 per share, compared to C$2.06 billion, or C$3.04 per share, in the previous year.

National Bank of Canada (NA.TO) climbed nearly 5% after reporting fourth-quarter net income of $768 million, up 4% from $738 million in the fourth quarter of 2022.

Data from Statistics Canada showed employment in Canada increased by 24,900 jobs in November, following an addition of 17,500 jobs in the previous month.

Meanwhile, the unemployment rate in Canada incrased to 5.8% in November, up from 5.7% in the previous month.

Average hourly earnings for permanent employees in Canada rose by 5% year-on-year to reach $35.16 in November.

Canada's manufacturing activity contracted in November, data from S&P Global showed. The S&P Global Canada Manufacturing PMI contraction accelerated to 47.7 in November from 48.6 in the previous month, slowing down for the seventh consecutive month.

Europe Car Sales Increase In November

Europe's new car registrations increased for the fifth straight month in November, driven by robust growth in battery electric cars sales, data from the European Automobile Manufacturers' Association, or ACEA, showed Tuesday. Car registrations grew 2.1 percent year-on-year in November but slower that the 5.8 percent rise seen in October.

RTTNews | hace 2h 35min

European Economic News Preview: German Import Price Data Due

Import prices from Germany and revised GDP data from Spain are the top economic news due on Tuesday. At 2.00 am ET, Destatis is scheduled to issue Germany's import price data. Economists expect import prices to grow 0.2 percent month-on-month in November, the same rate as in October. In the meantime, producer price figures are due from Sweden.

RTTNews | hace 3h 7min

Cautious Optimism Expected In European Markets

Stock markets in Europe are expected to trade on a cautiously optimistic note on Tuesday amidst rising geopolitical tensions, Fed rate cut hopes, thin holiday trade as well as mixed reactions to tech valuations.

RTTNews | hace 3h 45min

RBA Minutes: Policymakers Discussed Rate Hike Scenario

Policymakers of the Reserve Bank of Australia discussed scenarios in which policy tightening may need to be considered, the minutes of the meeting held on December 8 and 9 showed Tuesday. Members became less confident that monetary policy remains restrictive, the minutes showed. Policymakers assessed that inflationary pressures could be a little more persistent than had been previously estimated

RTTNews | hace 3h 49min

Australian Market Sharply Extends Early Gains In Mid-market

The Australian stock market is sharply expending the early gains in mid-market trading on Tuesday, adding to the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,750 level, with gains across most sectors led by financial and technology stocks.

RTTNews | hace 6h 16min

Indian Shares Look Headed For Another Positive Start

It's likely to be a firm start for Indian shares on Tuesday with investors set to track positive cues from Wall Street and Asian markets. A drop in oil prices is also likely to aid sentiment.

RTTNews | hace 6h 24min

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as the markets extend their gains boosted continued strength among technology stocks. Major currencies in the region also strengthened against the US dollar. Asian markets closed mostly higher on Monday.

RTTNews | hace 6h 28min

Canadian Dollar Rises Against U.S. Dollar

The Canadian dollar advanced against the U.S. dollar in the New York session on Monday.

RTTNews | hace 7h 50min

EURUSD	1.17809	GBPUSD	1.35077	AUDUSD	0.66836
USDJPY	156.042	USDCAD	1.37276	USDCHF	0.78917