Bay Street Looks Headed For Bright Start

RTTNews | 1035 days ago
Bay Street Looks Headed For Bright Start

(RTTNews) - Canadian shares are set to open on a firm note Friday morning, tracking positive global markets and higher commodity prices.

Investors will be reacting to Canadian jobs data.

Data on Canadian employment for the month of August is due at 8:30 AM ET.

The Canadian economy shed 30,600 jobs in July of 2022, extending the 43,200 cut from the previous month. The unemployment rate in Canada was unchanged at 4.9% in July of 2022, the lowest on record and below market expectations of 5%.

In earnings news, Dollarama Inc. (DOL.TO) said its diluted net earnings per common share increased by 37.5% to $0.66 in the second quarter from $0.4 a year ago.

Despite hawkish comments from Fed Chair Jerome Powell that signaled aggressive rate hikes in the coming months, and the European Central Bank's sharp 75-basis points interest rate hike, Canadian stocks moved higher on Thursday.

The benchmark S&P/TSX Composite Index ended with a gain of 171.56 points or 0.89% at 19,413.00.

Asian stocks climbed higher on Friday as investors digested Federal Reserve Chair Jerome Powell and ECB President Christine Lagarde's comments advocating for higher rates to combat runaway inflation.

Chinese shares finished notably higher as data showed inflation slowed more than expected in August.

European stocks are sharply higher today, a day after the European Central Bank (ECB) raised interest rates by a record 75 basis points and signaled further hikes to tame runaway inflation.

The ECB must raise interest rates further to prevent record euro-zone inflation from spilling over into wages, Governing Council member Klaas Knot said.

The Bank of England on Friday said it would postpone its September Monetary Policy Committee meeting by one week following the death of Queen Elizabeth II.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.35 or 1.62% at $84.89 a barrel.

Gold futures are gaining $12.60 or 0.75% at $1,732.80 an ounce, while Silver futures are up $0.118 or 0.64% at $18.560 an ounce.

read more
Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major counterparts in the early European session on Thursday, as traders are optimistic about an end to the tariff uncertainty after U.S. President Donald Trump made it clear that he will not extend the August 1 deadline for trade deals, though he gets aggressive with tariff imposition. They are also optimistic about a potential trade deal between the U.S. and the European Union.
RTTNews | 53 minutes ago
European Shares Extend Gains On Trade Deal Optimism

European Shares Extend Gains On Trade Deal Optimism

European stocks rose for a fourth consecutive session on Thursday as optimism prevailed about a potential trade deal between the U.S. and the European Union. EU trade chief Maros Sefcovic said there was good progress on a framework trade agreement and a deal may even be possible within days.
RTTNews | 1h 26min ago
Bank Of Korea Keeps Rates Steady

Bank Of Korea Keeps Rates Steady

The Bank of Korea maintained its interest rate on Thursday as rising house prices and household debt pose risks to the financial stability amid escalating trade tensions weighing on economic growth outlook. The Monetary Policy Board decided to leave the Base Rate unchanged at 2.50 percent. The bank had previously reduced the benchmark rate by a quarter-point each in May and February.
RTTNews | 3h 59min ago