Bay Street Looks Headed For Positive Start

RTTNews | 976天前
Bay Street Looks Headed For Positive Start

(RTTNews) - Canadian shares look headed for a positive start on Thursday, with energy and materials shares likely to gain on firm commodity prices.

Investors will also be reacting to earnings updates from major banks, in addition to a report from Markit Economics about manufacturing activity in the country.

Bank of Montreal (BMO.TO) reported fourth-quarter net income of $4,483 million, compared with $2,159 million in the year-ago quarter. Adjusted net income came in at $2,136 million for the fourth quarter, compared with $2,226 million a year ago.

Canadian Imperial Bank of Commerce (CM.TO) reported a net income of $1,185 million for the fourth quarter of 2022, compared with net income of $1,440 million in the year-ago quarter.

TD Bank Group (TD.TO) on Thursday reported fourth-quarter net income available to common shareholders of C$6.56 billion or C$3.62 per share, up sharply from C$3.72 billion or C$2.04 per share in the year-ago quarter.

On the economic front, data on Canadian labor productivity for the third quarter is due at 8:30 AM ET.

Markit Economics is scheduled to release a reading of Canadian manufacturing activity in the month of November at 9:30 AM ET. The S&P Global Canada Manufacturing PMI fell to 48.8 in October of 2022, down from 49.8 in September,

Canadian stocks rallied on Wednesday afternoon to end the session on a firm note as investors cheered Fed Chair Jerome Powell's comments about interest rate hikes.

Speaking at an event at the Brookings Institution, Powell said that it makes sense to moderate the pace of rate increases as the country approaches the level of restraint that will be sufficient to bring inflation down. "The time for moderating the pace of rate increases may come as soon as the December meeting," he added.

The benchmark S&P/TSX Composite Index ended with a gain of 175.85 points or 0.87% at 20,453.26, near the day's high. The index touched a low of 20,137.12 in early trades.

Asian stocks rose notably on Thursday after Federal Reserve Chair Jerome Powell hinted at slowing the pace of rate hikes and the giant Chinese cities of Guangzhou and Chongqing announced an easing of COVID curbs in the wake of nationwide rallies calling for an end to lockdowns.

European stocks are broadly higher with investors cheering Fed Chair Powell's dovish remarks on the pace of rate hikes, and on reports about easing of Covid curbs in China.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.00 or 1.2% at $81.55 a barrel.

Gold futures are gaining $40.50 or 2.3% at $1,800.40 an ounce, while Silver futures are up $0.629 or 2.89% at $22.410 an ounce.

read more
Australian Market Extends Early Losses In Mid-market

Australian Market Extends Early Losses In Mid-market

The Australian stock market is extending its early losses in choppy mid-market trading on Monday, also adding to the losses in the previous two sessions, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,650.00 level, with weakness in energy, financial and technology stocks partially offset by strong gains in mining stocks.
RTTNews | 1小時32分鐘前
Asian Markets Trade Mixed

Asian Markets Trade Mixed

Asian stock markets are trading mixed on Monday, following the negative cues from Wall Street on Friday, amid concerns about the economic impact of US President Donald Trump's unilateral "reciprocal tariffs" and aggressive trade stance on the global economy. However, the weaker than expected US monthly jobs data increased optimism about a potential interest rate cut by the US Fed in September.
RTTNews | 2小時14分鐘前
Thai Stock Market Expected To Open In The Red Again On Monday

Thai Stock Market Expected To Open In The Red Again On Monday

The Thai stock market has moved lower in consecutive trading days, falling more than 25 points or 2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,220-point plateau and it's likely in for a rough ride again on Monday.
RTTNews | 3小時16分鐘前
Indonesia Bourse May Turn Lower Again On Monday

Indonesia Bourse May Turn Lower Again On Monday

The Indonesia stock market on Friday halted the two-day slide in which it had dropped almost 140 points or 1.9 percent. The Jakarta Composite Index now sits just shy of the 7,540-point plateau although it's likely to head south again on Monday.
RTTNews | 3小時46分鐘前
Japanese Market Sharply Lower; Down 2%

Japanese Market Sharply Lower; Down 2%

The Japanese stock market is trading sharply lower on Monday, extending the losses in the previous session, following the broadly negative cues from Wall Street on Friday, with the Nikkei 225 tumbling more than 2 percent to well below the 39,950 level, with weakness across all sectors led by exporters, automakers and financial stocks.
RTTNews | 3小時46分鐘前
No Help Yet For Hong Kong Stock Market

No Help Yet For Hong Kong Stock Market

The Hong Kong stock market has tracked lower in four straight sessions, dropping more than 1,050 points or 4 percent along the way. The Hang Seng Index now rests just above the 24,500-point plateau and it's expected to open in the red again on Monday.
RTTNews | 4小時1分鐘前