Bay Street Looks Set To Open The First Session Of New Year On Bright Note

RTTNews | 941 hari yang lalu
Bay Street Looks Set To Open The First Session Of New Year On Bright Note

(RTTNews) - Canadian shares are likely to open the first session of 2023 on a firm note, tracking positive European markets and higher bullion prices.

Minutes of the Federal Reserve's latest meeting are scheduled to be released on Wednesday followed by U.S. employment data on Friday. The upcoming corporate earnings season also remained on investors' radar.

In corporate news, Shaw Communications Inc. (SJR.TO) said Monday that the Canadian Competition Tribunal ruled that the merger of Rogers Communications Inc. (RCI.TO) with Shaw Communications is not likely to result in materially higher prices or a decline in service or innovation. The Tribunal also noted that the Federal Antitrust Commissioner failed to prove that the deal would cause significant harm to competition in the industry. The merger deal is worth $14.8 billion.

On the economic front, Markit Economics is scheduled to release the reading on Canada's manufacturing activity for the month of December 2022 at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI rose to 49.6 in November of 2022, from 48.8 in September, marking the fourth straight month of contraction in manufacturing activity.

After opening slightly down, the Canadian market emerged into positive territory on the last session of 2022, but faltered soon and spent the rest of the day's session in the red. Worries about global economic slowdown, rising interest rates, and escalation in tensions between Russia and Ukraine all contributed to the negative sentiment in the market.

The benchmark S&P/TSX Composite Index ended the final session of the year with a loss of 100.97 points or 0.52% at 19,384.92. The index shed about 8.7% in the year.

Asian stocks turned in a mixed performance on Tuesday as investors digested disappointing Chinese data and awaited a slew of U.S. economic data this week for clues on outlook for the economy and interest rates.

European stocks are up firmly in positive territory despite paring some early gains.

Official data released earlier today showed Germany's unemployment rate held steady at seasonally adjusted 3% in November.

French Prime Minister Elisabeth Borne said that inflation was expected to peak at the start of 2023 before retreating.

Meanwhile, a private surgey showed that the UK manufacturing downturn deepened in December as output, new orders and employment declined at faster rates. The S&P Global/Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index fell to a 31-month low of 45.3 in December from 46.5 in November.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.10 or 1.37% at $79.16 a barrel.

Gold futures are gaining $14.00 or 0.78% at $1,840.20 an ounce, while Silver futures are up $0.425 or 1.77% at $24.465 an ounce.

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