Bay Street Likely To Open Higher As Oil Prices Rally

RTTNews | 879天前

(RTTNews) - The Canadian market is set to open on a firm note on Monday, as energy stocks are likely to surge higher on rising crude oil prices.

Oil prices have climbed up sharply after Saudi Arabia and other major oil producers said they would cut production by 1.15 million barrels per day from May until the end of the year.

In company news, Saputo Inc. (SAP.TO) said that it agreed to sell two fresh milk processing facilities in Laverton North, Victoria, and Erskine Park, New South Wales, to Coles Group Limited, an Australian-based supermarket, retail, and consumer services chain, in a transaction valued at approximately C$95 million or A$105 million.

Sun Life Financial, Inc. (SLF.TO) announced Monday it has completed the sale of SLF of Canada UK Ltd. to Phoenix Group Holdings plc (PHNX.L). This transaction will see Sun Life UK's life and pension policies and annuity blocks for UK Clients move to Phoenix Group.

Teck Resources Ltd (Teck.B.TO) has rejected unsolicited acquisition proposal from Glencore Plc, stating rival's all-stock offer is inferior to its own planner separation.

On the economic front, Canadian manufacturing PMI reading for the month of March is due at 9:30 AM ET. The S&P Global Canada Manufacturing PMI rose to 52.4 in February from 51 in January.

The Canadian market extended its winning streak to a sixth session with stocks from technology, consumer discretionary and industrials sectors posting strong gains on Friday.

The benchmark S&P/TSX Composite Index ended with a gain of 158.90 points or 0.8% at 20,099.89, after hitting a high of 20,126.54 intraday. The index gained more than 3% in the week, and 3.7% in the January-March quarter.

Asian stocks turned in a mixed performance on Monday as a surge in oil prices brought inflation and rate hike worries back into focus.

European stocks are higher after the Federal Reserve's preferred gauge of inflation rose less than expected in February, boosting optimism policymakers might hit the pause button on rate hikes in May.

In commodities, West Texas Intermediate Crude oil futures are up $4.97 or 6.57% at $80.64 a barrel.

Gold futures are gaining $6.90 or 0.35% at $1,993.10 an ounce, while Silver futures are down $0.066 or 0.27% at $24.090 an ounce.

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.

RTTNews | 13分鐘前

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.

RTTNews | 32分鐘前

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.

RTTNews | 1小時15分鐘前

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

RTTNews | 1小時45分鐘前