Canadian Market Up Sharply On All-round Buying After U.S. Inflation Data

RTTNews | 575 days ago
Canadian Market Up Sharply On All-round Buying After U.S. Inflation Data

(RTTNews) - The Canadian market is up sharply on Tuesday with stocks across the board gaining significant ground in positive territory thanks to strong buying interest. Softer than expected U.S. inflation data, and higher commodity prices are aiding sentiment.

Real estate, materials, utilities, healthcare, financials and communications stocks are up sharply. Several stocks from consumer discretionary, technology and industrials sectors are also up with impressive gains.

The benchmark S&P/TSX Composite Index is up 325.47 points or 1.65% at 20,034.62 a few minutes past noon.

Softer than expected inflation data from U.S. has eased concerns about the outlook for interest rates. The Labor Department said U.S. consumer price index was unchanged in October after climbing by 0.4% in September. Economists had expected consumer prices to inch up by 0.1%. Core consumer prices edged up by 0.2% in October after rising by 0.3% in September. Core prices were expected to rise by another 0.3%.

The report also said the annual rate of consumer price growth slowed to 3.2% in October from 3.7% in September. Economists had expected the pace of growth to decelerate to 3.3%.

The Real Estate Capped Index has surged about 4.5%. The Materials Capped Index is climbing nearly 3% and the Utilities index is up 2.5%.

The indices tracking the movements of stocks from financials, communications, consumer discretionary and information technology sectors are up 1.7 to 1.5%.

Docebo Inc (DCBO.TO) is soaring 8.5%. BRP Inc (DOO.TO) is gaining 7%, while Colliers International (CIGI.TO), FirstService Corporation (FSV.TO), West Fraser Timber (WFG.TO) and Shopify Inc (SHOP.TO) are up 4 to 5.2%.

Cargojet (CJT.TO), TFI International (TFII.TO), Kinaxis Inc (KXS.TO), Franco-Nevada Corporation (FNV.TO), Waste Connections (WCN.TO), WSP Global (WSP.TO) and Canadian Tire Corporation (CTC.A.TO) are gaining 2 to 3.5%.

Teck Resources Limited (TECK.A.TO) is up 2.3%. Glencore Plc announced its binding agreement to acquire a 77% effective interest in Teck Resources' steelmaking coal business, Elk Valley Resources or EVR, for $6.93 billion in cash.

Premium Brands Holdings Corporation (PBH.TO) reported adjusted earnings of $56.4 million in the third-quarter of the current financial year, compared to adjusted earnings of $61.3 million in the year-ago quarter.

Data released by Statistics Canada this morning showed car registrations in Canada increased to 163,279 units in September from 158,531 units in August.

read more
U.S. Consumer Prices Inch Up 0.1% In May, Slightly Less Than Expected

U.S. Consumer Prices Inch Up 0.1% In May, Slightly Less Than Expected

A closely watched report released by the Labor Department on Wednesday showed a slight increase by consumer prices in the U.S. in the month of May. The Labor Department said its consumer price index inched up by 0.1 percent in May after rising by 0.2 percent in April. Economists had expected another 0.2 percent increase.
RTTNews | 1h 5min ago
Bay Street Seen Opening On Mixed Note

Bay Street Seen Opening On Mixed Note

It's likely to be a mixed start for Canadian shares on Wednesday with investors reacting to the crucial U.S. consumer price inflation data, and the developments on the trade front where U.S. and Chinese official reached a framework to implement the Geneva consensus following two days of discussions in London.
RTTNews | 1h 52min ago
CAC 40 Drifts Lower In Cautious Trade

CAC 40 Drifts Lower In Cautious Trade

The French market is down in negative territory Wednesday afternoon, with stocks moving in a narrow range as investors await further details on U.S.-China trade talks, and the crucial inflation data from the U.S. later in the day.
RTTNews | 3h 1min ago
Euro Rises Amid Risk-on Mood

Euro Rises Amid Risk-on Mood

The euro strengthened against other major currencies in the European session on Wednesday amid increased risk-on mood, as investors monitored the latest updates from Sino-U.S. talks and awaited crucial U.S. inflation data for direction. After two days of discussions in London, U.S. and Chinese officials have agreed on a limited framework to put their trade truce back on track.
RTTNews | 4h 7min ago
Euro Rises Against Majors

Euro Rises Against Majors

The euro strengthened against other major currencies in the European session on Wednesday.
RTTNews | 4h 16min ago
Sensex, Nifty End Modestly Higher; IT Stocks Lead Gains

Sensex, Nifty End Modestly Higher; IT Stocks Lead Gains

Indian shares eked out modest gains on Wednesday as markets assessed the outcome of high-level U.S.-China talks and awaited key U.S. inflation readings for additional clues on the Federal Reserve's rate trajectory.
RTTNews | 4h 18min ago