Bay Street Looks Headed For Positive Start

RTTNews | 616 days ago
Bay Street Looks Headed For Positive Start

(RTTNews) - Positive Asian and European stock markets and rising commodity prices point to a firm start for Canadian shares on Thursday. Optimism that the Federal Reserve is done with raising interest rates is likely to render the mood fairly bullish.

Investors will also be reacting to a slew of corporate earnings updates.

In Canadian earnings news, Canadian Natural Resources Limited (CNQ.TO) reported third-quarter net earnings of $2,344 million, or $2.13 per diluted common share, up from $1,463 million, or $1.34 per diluted common share in the previous quarter.

Cenovus Energy (CVE.TO) reported third-quarter net earnings of nearly $1.9 billion, compared with $866 million in the previous quarter. The increase in earnings was due to higher operating margin and lower financing costs, the company said.

BCE Inc. (BCE.TO) reported adjusted net earnings of $741 million for the third quarter ended September 2023, compared with adjusted net earnings of $801 million in the year-ago quarter.

Bombardier Inc (BBD.A.TO) reported a revenue of $1.9 billion in the third quarter 2023, an impressive 28% year-over-year increase.

Maple Leaf Foods (MFI.TO) reported adjusted operating earnings of $70.5 million in the third quarter of current financial year, up from $24.1 million in the year-ago quarter.

The Canadian market ended on a firm note on Wednesday, rising for a third straight session, as some strong earnings updates helped underpin sentiment.

In addition to tracking earnings updates, investors also digested the Federal Reserve's monetary policy announcement.

The benchmark S&P/TSX Composite Index, which climbed to 19,089.73 intraday, ended with a gain of 205.53 points or 1.09% at 19,079.00.

Asian stocks posted strong gains on Thursday while the dollar weakened, and bond yields eased after comments from Fed Chair Jerome Powell suggested that the U.S. central bank is hitting pause again on its rate-hiking campaign.

After leaving interest rates unchanged at a two-decade high for the second straight policy meeting, the Federal Reserve on Wednesday indicated that policy will likely remain unchanged into 2024.

European stocks are up sharply, extending gains for a fourth consecutive session, amid optimism that the U.S. Federal Reserve is done with raising interest rates.

The Bank of England announces its monetary policy decision later today, with no change in rates expected.

In commodities, West Texas Intermediate Crude oil futures are up $1.12 or 1.39% at $81.56 a barrel.

Gold futures are gaining $8.50 or 0.43% at $1,996.00 an ounce, while Silver futures are up $0.375 or 1.65% at $23.165 an ounce.

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