Bay Street Seen Opening Lower; Inflation Data Eyed

RTTNews | 1142 दिनों पहले

(RTTNews) - Lower Canadian and U.S. futures indicate a weak start for the Canadian market on Wednesday. Inflation data for the month of May is expected to significantly impact stock price movements.

Canadian inflation data for May is due at 8:30 AM ET. Canada's annual inflation rate quickened to 6.8% in April of 2022, the highest since January of 1991 and slightly above market expectations of 6.7%.

Core consumer prices in Canada increased 5.7% year-on-year in April of 2022, the most on record. On a monthly basis, consumer prices increased 0.7% in April, slowing from a 1% rise in the prior month.

In company news, Empire Company Limited (EMP.A.TO) reported earnings per share of $0.68 for the fourth quarter of financial year 2022, compared to $0.64 in the fourth quarter of the previous financial year.

The market will also be eyeing the Federal Reserve Chairman Jerome Powell's testimony before the Senate about the state of the economy this morning, for clues about the central bank's future monetary policy stance. The Fed raised interest rates by 75 basis points last week and signaled more hikes in the coming months.

Investors are also likely closely follow the developments regard to President Joe Biden's take on the federal tax on gasoline. According to reports, Biden might temporarily suspend the 18.4-cents a gallon federal tax on gasoline.

The Canadian market ended on a positive note on Tuesday, led by gains in energy stocks. The benchmark S&P/TSX Composite Index rose 73.66 points or 0.4% to 19,257.29 continuing to regain ground after ending last Friday's trading at its lowest closing level in over a year.

Asian stocks ended broadly lower on Wednesday despite as inflation and interest-rate concerns took center stage ahead of congressional testimony by Fed Chair Jerome Powell.

European stocks down firmly in negative territory amid rising worries about inflation and interest rate hikes.

In commodities trading, West Texas Intermediate Crude oil futures are down $5.65 or 5.16% at $103.87 a barrel.

Gold futures are up slightly at $1,839.00 an ounce, while Silver futures are down $0.333 or 1.52% at $21.425 an ounce.

U.S. Dollar Rises As Waller Emerges As Potential Fed Chair Successor

The U.S. dollar climbed against its most major counterparts in the New York session on Thursday, as Federal Reserve governor Christopher Waller emerged as a top candidate to replace Chair Jerome Powell.

RTTNews | 55 मिनटों पहले

U.S. Wholesale Inventories Inch Up Less Than Expected In June

Wholesale inventories in the U.S. crept up by less than expected in the month of June, according to a report released by the Commerce Department on Thursday. The Commerce Department said wholesale inventories inched up by 0.1 percent in June after falling by 0.3 percent in May. Economists had expected wholesale inventories to rise by 0.2 percent, in line with the preliminary estimate.

RTTNews | 7घंटे 1 मिनट पहले

U.S. Labor Productivity Rebounds Roughly In Line With Estimates In Q2

Labor productivity in the U.S. saw a significant rebound in the second quarter of 2025, according to preliminary data released by the Labor Department on Thursday. The report said labor productivity shot up by 2.4 percent in the second quarter after tumbling by a downwardly revised 1.8 percent in the first quarter.

RTTNews | 7घंटे 32 मिनट पहले

U.S. Jobless Claims Rise More Than Expected To 226,000

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits rose by more than expected in the week ended August 2nd. The Labor Department said initial jobless claims climbed to 226,000, an increase of 7,000 from the previous week's revised level of 219,000.

RTTNews | 7घंटे 42 मिनट पहले

Bank Of England Cuts Rate In Tight Vote

The Bank of England reduced its benchmark interest rate in a close call on Thursday suggesting that the monetary easing cycle is nearing an end as policymakers became more concerned about persistent inflation. The Monetary Policy Committee, headed by BoE Governor Andrew Bailey, voted 5-4 to cut the bank rate by 25 basis points to 4.00 percent.

RTTNews | 8घंटे 39 मिनट पहले