Bay Street Likely To See Subdued Start

RTTNews | 694 hari yang lalu

(RTTNews) - Canadian shares are likely to open on a somewhat subdued note on Wednesday, amid a lack of positive triggers.

Asian and European stocks traded weak, and commodity prices are a bit lower.

The focus will be on Fed Chair Jerome Powell's testimony before Congress, as investors look for clues on the rate outlook.

Data on Canadian retail sales and new housing price index, for the month of April and May, respectively, are due at 8:30AM ET.

The Canadian market ended notably lower on Tuesday, pushed down by losses in materials and energy sectors as commodity prices fell amid concerns about global economic slowdown.

Investors stayed wary of picking up stocks, choosing to wait for the Federal Reserve Chair Jerome Powell's congressional testimony for clues about the outlook for U.S. central bank's interest rate moves.

The benchmark S&P/TSX Composite Index ended with a loss of 180.07 points or 0.9% at 19,754.14.

Asian stocks ended broadly lower on Wednesday, with disappointment over a lack of additional stimulus in China and lingering uncertainty over Fed's interest-rate plans weighing on sentiment.

European stocks are down in negative territory with investors reacting to hotter than expected U.K. inflation data and awaiting Federal Reserve chairman Jerome Powell's testimony before the House Financial Services Committee and the Senate Banking Committee.

In commodities, West Texas Intermediate Crude oil futures are down marginally at $71.11 a barrel.

Gold futures are lower by $2.30 or 0.12% at $1,945.40 an ounce, while Silver futures are down $0.144 or 0.6% at $22.090 an ounce.

Swiss Market Shrugs Off Weak Start, Ends On Firm Note

After opening weak and remaining subdued till noon, Swiss stocks found some support and kept edging higher on Thursday, and finally ended the day's session on a firm note. Data showing a strong pace of expansion of the Swiss economy in the first quarter of this year aided sentiment.

RTTNews | 1j 47min yang lalu

Major European Markets Recover After Early Setback, Close On Firm Note

Despite an early struggle, the major European markets turned in fairly steady performance as the session progressed on Thursday to eventually close on a firm note. Easing concerns about tariffs and U.S. inflation, and some encouraging regional economic data helped underpin sentiment.

RTTNews | 2j 5min yang lalu

U.S. Business Inventories Inch Up Slightly Less Than Expected In March

The Commerce Department released a report on Thursday showing a slight increase by U.S. business inventories in the month of March. The report said business inventories crept up by 0.1 percent in March after rising by 0.2 percent in February. Economists had expected business inventories to rise by another 0.2 percent.

RTTNews | 3j 19min yang lalu

TSX Rises For 8th Straight Session, Looks Set To Scale New Peak

The Canadian market is up in positive territory, extending gains to an eighth straight session, as the undertone continues to remain firm amid easing concerns about tariffs, and the recent data showing a smaller than expected increase in U.S. consumer price inflation in the month of April.

RTTNews | 3j 24min yang lalu

U.S. Homebuilder Confidence Unexpectedly Slumps In May

Reflecting growing uncertainties stemming from elevated interest rates, tariff concerns, building material cost uncertainty and the cloudy economic outlook, the National Association of Home Builders released a report on Thursday showing an unexpected slump by U.S. homebuilder confidence in the month of May.

RTTNews | 3j 35min yang lalu

U.S. Industrial Production Unexpectedly Flat In April

With a rebound by utilities output offset by decreases by manufacturing and mining output, the Federal Reserve released a report on Thursday showing industrial production in the U.S. came in unchanged in the month of April. The Fed said industrial production was unchanged in April after falling by 0.3 percent in March. Economists had expected industrial production to rise by 0.2 percent.

RTTNews | 3j 56min yang lalu

New York Manufacturing Index Edges Modestly Lower In May

A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May. The New York Fed said its general business conditions index edged down to a negative 9.2 in May from a negative 8.1 in April, with a negative reading indicating contraction. Economists had expected the index to dip to a negative 10.0.

RTTNews | 4j 9min yang lalu

Philly Fed Index Jumps More Than Expected But Remains Negative In May

Philadelphia-area manufacturing activity remained weak in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity jumped to a negative 4.0 in May from a negative 26.4 in April, but a negative reading still indicates contraction.

RTTNews | 5j 3min yang lalu

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Bay Street Likely To See Subdued Start