Bay Street May Open Lower On Weak Commodity Prices

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(RTTNews) - Weak crude oil and bullion prices are likely to weigh down the Canadian market Wednesday morning. The focus will be earnings updates from major banks, and key economic data including U.S. inflation readings, Canadian GDP and manufacturing activity data, due this week.

Royal Bank of Canada (RY.TO) reported net income of $3.6 billion for the quarter ended January 31, 2024, up $449 million or 14% from the prior year. Adjusted net income was $4.1 billion in the first quarter, down 5% from a year ago.

National Bank of Canada (NA.TO) reported first-quarter net income of $922 million, up 5% from $876 million in the first quarter of 2023. First-quarter diluted earnings per share stood at $2.59 compared to $2.47 in the first quarter of 2023.

George Weston Ltd (WN.TO) reported adjusted net earnings of $342 million for the fourth quarter of 2023, down $27 million or 7.3% from the year-ago quarter.

MDA Ltd. (MDA.TO) reported fourth-quarter earnings of C$13.5 million, up from C$8.8 million in the year-ago quarter. The company expects revenue of C$205 million to C$215 million in the first quarter of the current year.

On the economic front, Canadian current account data for the fourth quarter of 2023 is due at 8:30 AM ET.

A report an average weekly earnings in Canada for the month of December is also due at 8:30 AM ET.

The Canadian market ended slightly down on Tuesday after a somewhat lackluster session as investors refrained from making significant moves while awaiting some key economic data.

The benchmark S&P/TSX Composite Index ended down 5.41 points or 0.03% at 21,318.90 after staying in negative territory right through the day's session.

Asian stocks ended mixed on Wednesday as worries over rate cuts persisted, and investors awaited the release of U.S. and Eurozone inflation readings as well as Chinese PMI data this week for near-term direction.

European stocks are broadly lower with investors reacting to a slew of earnings updates, and awaiting crucial U.S. and Eurozone inflation readings, and Chinese PMI data.

In commodities, West Texas Intermediate Crude oil futures are down $0.81 or 1.01% at $78.06 a barrel.

Gold futures are down $6.80 or 0.33% at $2,037.30 an ounce, while Silver futures are lower by $0.182 or 0.81% at $22.350 an ounce.

U.S. Pending Home Sales Fall More Than Expected In July

A report released by the National Association of Realtors on Thursday showed pending home sales in the U.S. fell by more than expected in the month of July. NAR said its pending home sales index decreased by 0.4 percent to 71.7 in July after sliding by 0.8 percent to 72.0 in June. Economists had expected pending home sales to edge down by 0.1 percent.

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Eurozone Economic Confidence Weakens In August

Eurozone economic sentiment softened unexpectedly in August as only industry and retail trade showed improvements, survey results from the European Commission showed Thursday. The economic sentiment indicator slid to 95.2 in August from a revised 95.7 in the previous month. The score was forecast rise to 96.0.

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Walgreen Co. Now Operating As Private Standalone Company Under Sycamore Partners

Independent retail pharmacy Walgreen Co. announced Thursday it is now operating as a private standalone company following the closure of the acquisition of Walgreens Boots Alliance, Inc. (WBA) by New York-based private equity firm Sycamore Partners.

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U.S. Economy Surges More Than Previously Estimated In Q2

The U.S. economy grew by more than previously estimated in the second quarter of 2025, according to revised data released by the Commerce Department on Thursday. The report said real gross domestic product shot up by 3.3 percent in the second quarter compared to the previously reported 3.0 percent surge. Economists had expected the jump in GDP to be upwardly revised to 3.1 percent.

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U.S. Weekly Jobless Claims Dip Roughly In Line With Estimates

A report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd. The Labor Department said initial jobless claims dipped to 229,000, a decrease of 5,000 from the previous week's revised level of 234,000. Economists had expected jobless claims to slip to 230,000.

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Switzerland Logs Weaker Growth, Trims 2026 Outlook

The Swiss economy expanded modestly in the second quarter, as estimated earlier, and higher U.S. tariffs are set to push down growth prospects, the State Secretariat for Economic Affairs said Thursday. Gross domestic product grew 0.1 percent from the first quarter, unchanged from the flash estimate. Growth softened notably from 0.7 percent in the first quarter.

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U.S. GDP Jumps More Than Previously Estimated In Q2

The U.S. economy grew by more than previously estimated in the second quarter of 2025, according to revised data released by the Commerce Department on Thursday.

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U.S. Weekly Jobless Claims Edge Down To 229,000

A report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd.

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EURUSD	1.16622	GBPUSD	1.35058	AUDUSD	0.65257
USDJPY	147.053	USDCAD	1.37641	USDCHF	0.80223