Bay Street Likely To Open Lower

RTTNews | 173 dias atrás
Bay Street Likely To Open Lower

(RTTNews) - Lower Canadian and U.S. futures and weak metal prices point to a negative start on Bay Street Thursday morning.

The Canadian trade surplus widened to CAD 4.0 billion in January 2025, the largest since May 2022.

Canada's merchandise exports rose 5.5% to a record CAD 74.5 billion, while imports increased 2.3%, marking the fourth consecutive monthly rise for both.

The Ivey PMI reading for the month of February is due at 10 AM ET.

The Ivey Purchasing Managers Index in Canada dropped to 47.1 in January 2025, from 54.7 in December.

Canadian Natural Resources reported fourth quarter net earnings of C$1.14 billion compared to $2.63 billion, last year. Earnings per share was C$0.54 compared to C$1.21. Adjusted earnings per share declined to C$0.93 from C$1.17. Analysts on average expected the company to report profit per share of C$0.95, for the quarter. Analysts' estimates typically exclude special items.

The Canadian market closed on a strong note on Wednesday as stocks rallied on news the Trump administration is considering reducing the tariffs on Canadian and Mexican imports.

The mood remained positive following U.S. Secretary of Commerce Howard Lutnick hinting at some potential adjustments for U.S. tariffs on Canada and Mexico, noting that carve-outs for some industries are a possibility.

The benchmark S&P/TSX Composite Index ended with a gain of 298.82 points or 1.22% at 24,870.82.

Asian stocks advanced on Thursday after U.S. President Donald Trump exempted automakers from newly imposed tariffs on Mexico and Canada for one month, raising hopes for negotiations.

After opening higher, European stocks pared gains and are turning in a mixed performance with investors reacting to results, and taking some profits. The European Central Bank, as widely expected, has cut interest rates by 25 basis points today.

In commodities, West Texas Intermediate Crude oil futures are up $0.23 or 0.35% at $66.54 a barrel.

Gold futures are down $14.00 or 0.48% at $2,912.00 an ounce, while Silver futures are lower by $0.039 or 0.12% at $33.095 an ounce.

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