Canadian Market Down On Weak Data; Tech Stocks Lose Ground

RTTNews | il y a 4

(RTTNews) - The Canadian market is notably lower Monday afternoon, weighed down by losses in technology, financials and communications sectors. The mood in the market is cautious with investors awaiting earnings from major Canadian banks and some crucial economic data from the U.S. this week.

Data showing a deterioration in manufacturing activity in Canada weighed on sentiment.

Data from S&P Global showed the S&P Global Canada Manufacturing PMI fell to 48.4 in November from October's 49.6, signalling a modest deterioration and extending the sector's contraction for a tenth straight month.

The benchmark S&P/TSX Composite Index, which tumbled to 31,141.65, was down 141.94 points or 0.45% at 31,240.84 a little while ago.

The Information Technology Capped Index dropped 2.91%. Celestica, Bitforms and Shopify lost 5.9%, 5.7% and 4.8%, respectively.

Dye & Durham, BlackBerry, Sangoma Technologies, TecSys, Enghouse Systems, Constellation Software and Coveo Solutions were down 1 to 2.2%.

Communicatins stocks Cogeco Communicatins, Telus Corp., and Quebecor drifted down 2%, 1.6% and 1.4%, respectively.

In the financials sector, Sun Life Financial, Intact Financial, Bank of Montreal, Canadian Imperial Bank of Commerce and Brookfield Corporation lost 1 to 2%. Laurentian Bank, Royal Bank of Canada and Bank of Nova Scotia also showed weakness.

Bausch Health Companies soared more than 14.5%. Aecon, First Majestic Silver, Canada Goose Holdings, Teck Resources, TFI International, Endeavour Mining, Nee Gold, Ovintiv, Nutrien, Methanex, SNC Lavalin, Ero Copper and George Weston gained 2 to 5%.

Swiss Market Settles Modestly Higher

The Switzerland market shrugged off a sluggish start and stayed fairly steady right till the end of the session on Friday to finish modestly higher.

RTTNews | il y a 3h 6min

Major European Markets Close On Mixed Note

Despite a fairly good spell in positive territory till noon, European stocks failed to sustain at higher levels and ended on a mixed note on Friday. Investors digested the economic data from the region as well from the U.S., and looked ahead to next week's monetary policy announcement from the Federal Reserve.

RTTNews | il y a 3h 39min

TSX Drifts Lower As Strong Jobs Data Tempers BoC Rate Cut Hopes

After opening slightly up and moving higher subsequently, the Canadian market slipped into negative territory Friday morning, and with stocks continuing to struggle for support, remained weak a little past noon. Data showing a drop in Canadian unemployment rate in November tempered hopes for a rate cut from the nation's central bank this month.

RTTNews | il y a 4h 34min

U.S. Consumer Sentiment Rebounds Much More Than Expected In December

Preliminary data released by the University of Michigan on Friday showed consumer sentiment in the U.S. has improved much more than anticipated in the month of December. The University of Michigan said its consumer sentiment index climbed to 53.3 in December from 51.0 in November. Economists had expected the consumer sentiment index to rise to 52.0.

RTTNews | il y a 5h 9min

U.S. Consumer Prices Increase In Line With Estimates In September

A long-delayed report released by the Commerce Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of September. The Commerce Department said its personal consumption expenditures (PCE) price index climbed by 0.3 percent in September, matching the growth seen in August along with economist estimates.

RTTNews | il y a 5h 22min

EU Fines X 120 Mln Euros For Breaching Transparency Obligations Under DSA

The European Commission on Friday has issued a fine of 120 million euros to Elon Musk's social media platform X for breaching its transparency obligations under the Digital Services Act. The breaches include the deceptive design of its 'blue checkmark', the lack of transparency of its advertising repository, and the failure to provide access to public data for researchers.

RTTNews | il y a 6h 40min

Warner Bros. To Be Bought By Netflix In $72 Bln Equity Deal

In a merger of majors, streaming video firm Netflix, Inc. is acquiring media and entertainment giant Warner Bros. Discovery, Inc. for a total enterprise value of approximately $82.7 billion, or an equity value of $72.0 billion. The move follows the planned separation of Warner Bros. Discovery's Global Networks division into a new publicly-traded company. In the pre-market activity, Netflix shares

RTTNews | il y a 8h 7min

EU Secures TikTok's Commitments On Ad Transparency As Per DSA

The European Commission announced Friday that it has secured TikTok's commitment to provide advertising repositories that ensure full transparency around ads on its services, as required by the Digital Services Act. The agency launched the probe in February 2024 after it found the China-based ByteDance's video platform's algorithmic system may stimulate behavioral addictions.

RTTNews | il y a 8h 9min

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