Bay Street Seen Opening Higher; BoC Rate Decision In Focus

RTTNews | 958 일 전

(RTTNews) - Canadian shares are expected to open higher on Wednesday, tracking firm commodity prices. The focus will be on the Bank of India's interest rate decision, due at 10 AM ET.

The central bank's interest rate decision and the accompanying monetary policy statement, and the subsequent press conference are likely to set the trend for the market.

The central bank is widely expected to announce another sharp interest rate hike. The bank raised the target for its overnight rate by 75bps to 3.25% in September 2022. The fifth consecutive rate hike by the bank pushed borrowing costs to the highest since 2008.

FirstServices Corporation (FSV.TO) reported GAAP Operating Earnings of $62.7 million for the third-quarter, up from $61.5 million in the prior year period. The GAAP diluted earnings per share was $0.77 in the quarter, compared to $1.03 for the same quarter a year ago.

Crescent Point Energy (CPG.TO) reported net income of $466.4 million for the quarter ended September 2022, compared with net income of $77.5 million in the year-ago quarter.

The Canadian market shrugged off a weak start and climbed higher on Tuesday thanks to sustained buying in stocks from healthcare, technology, consumer discretionary and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 178.61 points or 0.94% at 19,097.01, almost near the day's high.

Asian stocks closed higher on Wednesday as weak U.S. data released overnight boosted expectations of a less hawkish Federal Reserve.

Investors are pricing in a smaller rate hike in December after a 75-basis point hike in November. Third-quarter U.S. GDP data, due later this week, is expected to offer more clues on the economic and rate outlook.

European stocks are turning in a mixed performance with investors reacting to a mixed bag of earnings announcement, and looking ahead to the ECB rate decision on Thursday.

The European Central Bank is widely expected to raise rates by 75 basis points amid a looming recession.

In commodities trading, West Texas Intermediate Crude oil futures for December are gaining $0.87 or 1.02% at $86.19 a barrel.

Gold futures are up $14.80 or 0.9% at $1,672.80 an ounce, while Silver futures are up $0.206 or 1.06% at $19.555 an ounce.

Japan Producer Price Data Due On Wednesday

Japan will on Tuesday release May figures for producer prices, highlighting a light day for Asia-Pacific economic activity. In April, producer prices were up 0.2 percent on month and 4.0 percent on year.

RTTNews | 1 시간 8 분 전

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | 2 시간 54 분 전

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | 3 시간 0 분 전

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | 3 시간 41 분 전

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | 5 시간 6 분 전

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | 5 시간 22 분 전

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | 6 시간 29 분 전

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | 7 시간 5 분 전

EURUSD	1.14291	GBPUSD	1.35013	AUDUSD	0.65245
USDJPY	145.041	USDCAD	1.36694	USDCHF	0.82265

Advertisement

Bay Street Seen Opening Higher; BoC Rate Decision In Focus