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Bay Street Likely To Open On Positive Note

RTTNews | 935 days ago

(RTTNews) - Canadian shares look headed for a positive start Thursday morning, tracking higher bullion prices, and dovish comments from the Federal Reserve.

Investors will also be reacting to quarterly earnings updates.

BCE Inc (BCE.TO) reported fourth-quarter net earnings of $567 million, down 13.8% from net earnings of $658 million from a year ago.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $554 million for the quarter ended December 31, 2022, compared with adjusted net income of $486 million in the corresponding quarter of the previous year.

Lightspeed Commerce Inc. (LSPD.TO) reported adjusted net loss of $814.8 million for the quarter ended December 2022, compared with adjusted net loss of $65.5 million in the corresponding quarter of the previous financial year. Net loss includes a non-cash goodwill impairment charge of $748.7 million .

On the economic front, data on Canadian building permits for the month of December is due at 8:30 AM ET.

After a weak start and a subsequent fall to lower levels, the Canadian market staged a recovery and briefly emerged into positive territory in late afternoon trades on Wednesday, before closing slightly weak.

Investors digested a 25-basis point interest rate hike by the Federal Reserve and noted Fed Chief Jerome Powell's comments. The Fed said it anticipates ongoing increases in interest rates will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.

The benchmark S&P/TSX Composite Index ended lower by 16.33 points or 0.08% at 20,751.05, well off the day's low of 20,579.49.

Asian shares edged higher on Thursday after the U.S. Federal Reserve said that "disinflationary process has started" but "ongoing increases" in rates will be needed to curb price pressures.

Fed Chair Jerome Powell's dovish comments in a press conference stoked expectation that the Fed might start cutting rates before 2024.

European stocks are up in positive territory in early afternoon trades on Thursday with investors digesting the Federal Reserve's policy decision, and the Bank of England's interest rate hike announcement.

The BoE today raised its benchmark rate for the tenth straight session, citing stronger-than-expected wage pressure and risks of greater persistence in underlying inflaiton. The bankk raised its interest rate by 50 basis points to 4%, the highest since 2008.

The Europen Central Bank is scheduled to announce its interest rate decision at 8:15 AM ET.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.42 or 0.55% at $76.59 a barrel.

Gold futures are gaining $26.70 or 1.37% at $1,969.50 an ounce, while Silver futures are up $0.941 or 3.95% at $24.550 an ounce.

Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, as traders looked to cash in on the recent strong gains and remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the US Fed's preferred readings on consumer price inflation. Asian markets closed mostly higher on Monday.

RTTNews | 30 minutes ago

Sensex, Nifty Seen Lower As US Notifies India Of Additional Tariffs

Indian shares may open on a weak note on Tuesday as enthusiasm over potential Federal Reserve rate cuts faded and caution set in ahead of the release of crucial U.S. inflation data as well as Nvidia quarterly results.

RTTNews | 1h 1min ago

Lower Open Called For Thai Stock Market

The Thai stock market has finished higher in two straight sessions, collecting almost 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,260-point plateau although it figures to open in the red on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 1h 41min ago

Japanese Market Significantly Lower

The Japanese stock market is trading significantly lower on Tuesday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 42,400 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.

RTTNews | 2h 8min ago

Indonesia Bourse May Hand Back Monday's Gains

The Indonesia stock market on Monday wrote a finish to the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,925-point plateau although it's looking at a soft start on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 2h 11min ago

Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 2h 26min ago

Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Tuesday, recouping the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains gold miners.

RTTNews | 2h 28min ago

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

RTTNews | 2h 41min ago

EURUSD	1.16288	GBPUSD	1.34564	AUDUSD	0.64766
USDJPY	147.693	USDCAD	1.38559	USDCHF	0.80539