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.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

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EURUSD	1.16915	GBPUSD	1.35069	AUDUSD	0.65406
USDJPY	147.026	USDCAD	1.37391	USDCHF	0.8003