Bay Street Likely To Open With Positive Bias

RTTNews | 853 days ago

(RTTNews) - The Canadian market may open with a positive bias on Wednesday, as technology shares are likely to see some buying after U.S. tech majors Microsoft and Alphabet reported stronger than expected quarterly earnings.

Activity may well remain stock specific with investors reacting to a slew of earnings announcements from Canadian companies.

Precision Drilling Corp. (PD.TO) reported first quarter net earnings of C$96 million or C$5.57 per share compared with a net loss of C$44 million or a C$3.25 loss per share in the first quarter of 2022.

Cenovus Energy Inc (CVE.TO) reported net earnings of $636 million for the quarter ended March 31, 2023, compared with net earnings of $784 million in the corresponding quarter of the previous year.

Rogers Communications Inc (RCI.A.TO) reported adjusted net income of $553 million for the three months ended March 31, 2023, compared with adjusted net income of $462 million a year ago.

CGI Inc (GIB.A.TO) reported net earnings of $419.4 million inthe second-quarter of its current financial year, up $12.7% from a year ago.

FirstService Corp (FSV.TO) reported consolidated revenues of $1.02 billion for the first quarter, up 22% relative to the same quarter in the prior year.

The Canadian market ended sharply lower on Tuesday, dragged down by losses in energy, financials, industrials and technology stocks. Concerns about turmoil in the banking sector resurfaced after First Republic reported a loss of more than $100 billion in deposits in the first quarter. Disappointing results from several other U.S. companies to hurt sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 236.87 points or 1.15% at 20,439.87, a six-week closing low.

Asian stocks ended weak on Wednesday, although regional losses remained capped by consensus-beating earnings results from tech giants Microsoft and Alphabet. Economic jitters and interest rate concerns weighed on sentiment.

European stocks are down firmly in negative territory, weighed down by weak U.S. economic data and worries about interest rates and banking sector jitters.

In commodities trading, West Texas International Crude oil futures are down $0.21 or 0.27% at $76.86 a barrel.

Gold futures are up $1.30 or 0.07% at $2,005.80 an ounce, while Silver futures are gaining $0.243 or 0.98% at $25.125 an ounce.

Australia Construction Work Data Due On Wednesday

Australia will on Wednesday see Q2 numbers for construction work done, highlighting a light day for Asia-Pacific economic activity.

RTTNews | 1h 1min ago

U.S. Dollar Falls Against Majors

The U.S. dollar dropped against its major counterparts in the New York session on Tuesday.

RTTNews | 2h 13min ago

TSX Modestly Higher As Financials, Mining Stocks Move Up

Despite concerns about global trade, and political uncertainty in Europe, the Canadian market is modestly higher Tuesday afternoon, supported by gains in materials, industrials and financials sectors.

RTTNews | 4h 35min ago

Swiss Market Settles Weak

After opening with a big negative gap Tuesday morning, the Swiss market gradually recovered some lost ground, and even managed a brief spell in positive territory midway through the session, but failed to sustain momentum and finally ended the day's session in the red.

RTTNews | 4h 52min ago

European Stocks Close Lower On Political Concerns, Tariff Worries

European stocks closed weak on Tuesday, weighed down by political uncertainty in France, and lingering concerns about tariffs and their impact on global economic growth.

RTTNews | 5h 16min ago

U.S. Consumer Confidence Index Edges Lower In August

A report released by the Conference Board on Tuesday showing a modest deterioration by consumer confidence in the U.S. in the month of August. The Conference Board said its consumer confidence index dipped to 97.4 in August from an upwardly revised 98.7 in July.

RTTNews | 8h 45min ago

U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected

Reflecting a continued plunge by orders for transportation equipment, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of July. The Commerce Department said durable goods orders slumped by 2.8 percent in July after plummeting by a revised 9.4 percent in June.

RTTNews | 8h 56min ago

Bay Street May Open On Weak Note

Canadian shares look headed for negative start on Tuesday, weighed down by weak oil prices, and concerns about global trade after U.S. President Donald Trump threatened 200% tariffs on China if Beijing does not export rare-earth magnets to the U.S.

RTTNews | 10h 15min ago

EURUSD	1.16413	GBPUSD	1.34777	AUDUSD	0.64956
USDJPY	147.473	USDCAD	1.38362	USDCHF	0.80364