Bay Street Seen Opening On Firm Note

RTTNews | 1024 days ago

(RTTNews) - Canadian shares are likely to open on a firm note on Friday, tracking higher commodity prices and strong gains in European markets.

Investors will also be reacting jobs data from the U.S. and Canada, in addition to tracking quarterly earnings updates.

Magna International Inc. (MG.TO,MGA) reported that its third-quarter adjusted earnings per share increased to $1.07 from $0.56, prior year. Adjusted EBIT increased to $441 million compared to $229 million.

Enbridge Inc. (ENB.TO,ENB) reported third quarter adjusted earnings per share of C$0.67 compared to C$0.59, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of C$0.64, for the quarter.

The company reaffirmed its 2022 financial guidance, which includes adjusted EBITDA between C$15.0 and C$15.6 billion and DCF per share between C$5.20 to C$5.50.

Telus International (Cda) Inc. (TIXT.TO) reported net income of $551 million for the quarter ended September 30, 2022, compared with net income of $358 million in the year-ago quarter.

Snc-Lavalin Inc (SNC.TO) reported third-quarter net income of $44.7 million, or $0.25 per diluted share, compared to net income of $18.6 million, or $0.11 per diluted share in the corresponding quarter of the previous financial year.

On the economic front, Canadian jobs data for the month of October is due at 8:30 AM ET.

The Canadian economy added 21,100 jobs in September of 2022, slightly highr ahan expectations of 20,000 jobs. The unemployment rate eased to 5.2% in September from 5.4% a month earlier.

The Canadian market ended on a slightly weak note on Thursday, as worries about slowing growth and rising interest rates hurt sentiment.

The sharp interest rate hike by the Federal Reserve on Wednesday and the central bank Chairman Jerome Powell's comments that signaled more rate hikes in the coming months set up a weak start for the market.

Weak European markets and lower commodity prices also contributed to the negative sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 35.79 points or 0.19% at 19,241.22, after scaling a low of 19,090.64 and a high of 19,322.44 intraday.

Asian stocks closed mostly higher on Friday on hopes the Chinese government would ease its Covid curbs and also reverse its Zero Covid strategy.

European stocks are sharply higher with investors focusing on earnings updates, and looking ahead to U.S. jobs data, which could influence the Fed's pace of rate hikes in the coming months.

In commodities trading, West Texas Intermediate Crude oil futures are up $3.50 or nearly 4% at $91.67 a barrel.

Gold futures are rising $23.50 or 1.43% at $1,654.40 an ounce, while Silver futures are up $0.555 or 2.86% at $19.985 an ounce.

Australian Market Slashes Early Gains In Mid-market

The Australian stock market is slashing its early gains in mid-market trading on Monday, recouping the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving up to near the 9,000.00 mark, with gains across most sectors led by mining and technology stocks. Financial stocks were the only weak spot.

RTTNews | 1h 6min ago

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, on an improved outlook for interest rates after US Fed Chair Jerome Powell's dovish comments at the conference in Jackson Hole on Friday. Powell said economic risks are 'shifting' and a rate cut may be warranted. Asian markets closed mixed on Friday.

RTTNews | 1h 22min ago

Sensex, Nifty Seen Higher On Dovish Fed Comments

Indian shares are seen opening higher on Monday as traders react to Fed Chair Jerome Powell's dovish comments at the conference in Jackson Hole.

RTTNews | 2h 2min ago

Thai Shares Tipped To Open To The Upside On Monday

The Thai stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had slumped more than 40 points or 3.5 percent. The Stock Exchange of Thailand now sits just above the 1,250-point plateau and it's poised to extend its gains on Monday.

RTTNews | 2h 32min ago

Japanese Market Notably Higher

The Japanese stock market is trading notably higher on Monday, extending the gains in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving well above the 42,850 level, with gains across most sectors led by index heavyweights and technology stocks.

RTTNews | 2h 44min ago

Indonesia Stock Market May End Losing Streak On Monday

The Indonesia stock market has moved lower in two straight sessions, slipping almost 85 points or 1.1 percent along the way. The Jakarta Composite Index now sits just shy of the 7,860-point plateau although it's likely to stop the bleeding on Monday.

RTTNews | 3h 2min ago

Australian Market Notably Higher

The Australian stock market is notably higher on Monday, recouping the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 9,000.00 mark, with gains across most sectors led by mining and technology stocks. Financial stocks were the only weal spot.

RTTNews | 3h 3min ago

Hong Kong Shares Tipped To Open In The Green

The Hong Kong stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had fallen more than 480 points or 1.7 percent. The Hang Seng Index now rests just beneath the 25,340-point plateau and it's expected to open higher again on Monday.

RTTNews | 3h 17min ago

EURUSD	1.17059	GBPUSD	1.3512	AUDUSD	0.64905
USDJPY	147.282	USDCAD	1.3834	USDCHF	0.80272