Bay Street Likely To Open On Mixed Note

RTTNews | 1167 days ago
Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Friday morning, with investors digesting earnings announcements and assessing recent economic data from the U.S. that are likely to influence the Federal Reserve's monetary policy stance.

Comments from some Fed officials regarding rate hikes are also expected to impact market's movements. San Francisco Federal Reserve Bank president Mary Daly warned on Thursday it is far too early for the U.S. central bank to "declare victory" in its fight against inflation.

Chicago Fed President Charles Evans said he believes the Fed has plenty more work to do, and Minneapolis Fed President Neel Kashkari said he is sticking to his view that the U.S. central bank will need to raise its policy rate another 1.5 percentage points this year and more in 2023, even if that causes a recession.

In Canadian company news, Rogers Communications Inc. (RCI.TO), Shaw Communications Inc. (SJR.TO), and Quebecor Inc., said on Friday that they have inked a deal to sell Freedom Mobile Inc., to Videotron Ltd., a subsidiary of Quebecor. The transaction is subject to the regulatory approvals and closing of the merger of Shaw and Rogers announced on March 15, 2021.

Chartwell Retirement Residences (CSH.UN) reported second-quarter net income of $1.1 million compared to net loss of $4.6 million in the second quarter of the previous financial year.

Softchoice Corporation (SFTC.TO) said that its net income for the second quarter came in at $7.8 million, as against net loss of $13.1 million in the year-ago quarter. The increase was driven by the growth in income from operations, partially offset by an increase in net foreign exchange loss and income tax expense, the company said.

The Canadian market ended on a firm note on Thursday despite paring a significant portion of its intraday gains. The benchmark S&P/TSX Composite Index, which climbed to 20,100.55, ended the session with a gain of 105.94 points or 0.53% at 19,991.88.

Asian stocks ended mixed on Friday, with Japanese markets posting strong gains in a catch-up rally following a holiday on Thursday.

A cautious undertone prevailed after comments from Federal Reserve officials pointed to aggressive interest rate hikes to bring inflation down to the Fed's 2% target.

European stocks are modestly higher after data showed Euro zone industrial production in June grew three times more than expected on the back of a jump in the output of capital goods.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.43 or 1.52% at $92.91 a barrel.

Gold futures are down $6.00 or 0.33% at $1,801.20 an ounce, while Silver futures are lower by $0.104 or 0.51% at $20.245 an ounce.

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