Bay Street Seen Opening Notably Lower On Recession Fears

RTTNews | 1070 hari yang lalu

(RTTNews) - Sharply lower Canadian and U.S. futures, falling commodity prices and a sell-off in Asian and European markets amid mounting fears of a recession, point to a gap down opening for Canadian shares on Friday.

In Canadian company news, Bausch Health Companies Inc. (BHC.TO) and Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals Ltd., announced Friday that RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray) has been approved by Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms in adults, adolescents, and children aged 6 years and older.

On the economic front, data on Canadian retail sales for the month of July is due at 8:30 AM ET.

A preliminary report on manufacturing sales during the month of August is also due at 8:30 AM ET.

After opening on a positive note, the Canadian market slipped and stayed weak on Thursday amid concerns about global growth after central banks, including the Federal Reserve, raised policy rates sharply to combat inflation.

The benchmark S&P/TSX Composite Index ended with a loss of 181.86 points or 0.95% at 19,002.68, extending losses to a third straight session.

Asian stocks closed weak, extending losses for a third day running, amid concerns about elevated inflation and slowing global growth.

Chinese shares fell notably on growth concerns, with Nomura cutting its China 2023 annual growth forecast further to 4.3% from 5.1% in light of ongoing COVID woes. Japanese markets were closed for Autumnal Equinox holiday.

European stocks are down sharply amid concerns about a possible global recession. S&P Global's Eurozone manufacturing purchasing managers' index fell to 48.5 in September from 49.6 a month earlier, according to preliminary estimates released earlier in the day.

Also, the downturn in British businesses deepened this month because of soaring costs and faltering demand. The S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.74 or 3.28% at $80.75 a barrel.

Gold futures are down $28.00 or 1.67% at $1,653.10 an ounce, while Silver futures are lower by $0.547 or 2.79% at $19.070 an ounce.

Europe Car Sales Rebound In July

Europe's new car sales rebounded in July on strong demand for battery electric and plug-in hybrid cars, the European Automobile Manufacturers' Association reported Thursday. Car registrations in the European Union advanced 7.4 percent year-on-year in July, offsetting June's 7.3 percent decrease. Data showed an annual rise of 39.1 percent for battery-electric and 14.3 percent for hybrid-electric

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U.S. Dollar Falls Against Majors

The U.S. dollar weakened against other major currencies in the Asian session on Thursday.

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European Shares Seen Higher At Open

European stocks are seen opening broadly higher on Thursday even as Nvidia's disappointing sales forecast raised concerns about the AI spending boom.

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Sensex Nifty Decline On Tariff Worries

Indian shares opened on a sluggish note on Thursday after U.S. President Donald Trump's 50 percent tariffs on Indian goods came into effect, impacting trade worth billions of dollars and risking Washington-New Delhi ties.

RTTNews | 3j 44min yang lalu

European Economic News Preview: Eurozone Economic Sentiment Data Due

Economic confidence and monetary aggregates from the euro area and flash GDP from Switzerland are the top economic news due on Thursday. At 3.00 am ET, the State Secretariat for Economic Affairs is slated to release Swiss GDP data for the second quarter. The economy is expected to grow 0.1 percent sequentially after rising 0.5 percent in the first quarter.

RTTNews | 3j 45min yang lalu

Australian Market Trims Early Losses In Mid-market

The Australian market is trimming early losses in mid-market moves on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

RTTNews | 5j 11min yang lalu

Asian Markets Trade Mostly Higher

Asian stock markets are mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic the US Fed will cut interest rates at their next meeting in September. They also remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the Fed's preferred readings on consumer price inflation.

RTTNews | 5j 26min yang lalu

Sensex, Nifty Set To Open Lower As New U.S. Tariffs Take Effect

Indian shares may open on a weak note on Thursday after U.S. President Donald Trump's 50 percent tariffs on Indian goods came into effect on Wednesday.

RTTNews | 5j 57min yang lalu

EURUSD	1.16336	GBPUSD	1.34891	AUDUSD	0.6511
USDJPY	147.347	USDCAD	1.37839	USDCHF	0.80171