Canadian Stocks Rising Sharply On Soft U.S. Inflation Data

RTTNews | 1027日前

(RTTNews) - Canadian shares are up sharply on Thursday thanks to hectic buying across the board after data showing a smaller than expected increase in consumer prices in the U.S. helped raise optimism the Fed will slow the pace of interest rate hikes as early as next month.

Mirroring widespread buying, all the sectoral indices in the Canadian market are up with strong gains. The Energy Index, which is up as much as 1.52% is at the bottom of the list, while the Consumer Discretionary Index, which is up nearly 7.5% tops the list.

Real estate, technology, communication services, materials and financials shares are up with strong gains.

The benchmark S&P/TSX Composite Index is up 659.56 points or 3.41% at 20,003.81 a few minutes before noon.

Shopify Inc (SHOP.TO) is up nearly 16% on strong volumes. First Quantum Minerals (FM.TO) is soaring 13%.

Brookfield Asset Management Inc (BAM.A.TO) is gaining more than 9%. The company reported that its third-quarter operating funds from operations or FFO grew 30 percent to $1.22 billion from last year's $934 million. FFO per Brookfield share was $0.73, up from $0.56 a year ago.

Net income attributable to common shareholders was $423 million or $0.24 per share, down from $797 million or $0.47 per share last year.

Agnico Eagle Mines (AEM.TO), Bank of Nova Scotia (BNS.TO), Nutrien (NTR.TO), Barrick Gold Corporation (ABX.TO), Canadian Imperial Bank of Commerce (CM.TO) and Bank of Montreal (BMO.TO) are up 3 to 7%.

The data from the Labor Department showed the consumer price index rose by 0.4% in October, less than expected increase of 0.6%. The annual rate of growth in consumer prices also slowed to 7.7% in October from 8.2% in September.

The annual rate of growth in core prices slowed to 6.3% in October from 6.6% in September, coming in below the expected 6.5% growth.

On Wall Street, the major averages are all up with strong gains. The Dow is rising 3.1%, the S&P 500 is surging 4.7% and the Nasdaq is climbing more than 6%.

Commodities are up sharply with a weak dollar triggering heavy buying. West Texas Intermediate Crude oil futures are up $1.00 or 1.17% at $86.63 a barrel.

Gold futures are rising $39.70 or 2.31% at $1,753.40 an ounce, while Silver futures are up $0.328 or 1.54% at $21.655 an ounce.

Japanese Market Modestly Lower

The Japanese stock market is trading modestly lower on Wednesday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 42,250 level, with weakness in index heavyweights, financial and technology stocks partially offset by gains in exporter stocks.

RTTNews | 12分前

Lower Open Called For Hong Kong Stock Market

The Hong Kong stock market on Wednesday ended the two-day winning streak in which it had picked up almost 620 points or 2.4 percent. The Hang Seng Index now sits just shy of the 25,500-point plateau and it's expected to open in the red again on Wednesday.

RTTNews | 32分前

Australian Market Notably Lower

Australian shares are trading notably lower on Wednesday, adding to the losses in the previous three sessions, with the benchmark S&P/ASX 200 falling well below the 8,900 level, following the broadly negative cues from Wall Street overnight, with weakness in financial and technology stocks partially offset by gains in mining stocks.

RTTNews | 34分前

China Shares May Take Further Damage On Wednesday

The China stock market on Tuesday wrote a finish to the three-day winning streak in which it had improved more than 75 points or 2 percent. The Shanghai Composite Index now sits just shy of the 3,860-point plateau and the losses may accelerate on Wednesday.

RTTNews | 47分前