Bay Street Seen Opening Higher; U.S. PCE Index Reading In Focus

RTTNews | 10 days ago

(RTTNews) - Higher U.S. and Canadian futures, and firm commodity prices point to a positive opening for stocks on Bay Street Friday morning.

The focus will be on the core Personal Consumption Expenditures (PCE) Price Index reading, the U.S. Federal Reserve's preferred inflation measure, due at 8:30 AM ET.

On the Canadian economic front, a report from the Canadian Federation of Independent Business said its business barometer in Canada, an index reflecting 12-month forward expectations for business performance in the country, dropped to 47.5 in April, from an upwardly revised 52.9 in the prior month.

In earnings news, Imperial Oil Limited (IMO.TO) reported first-quarter net income of $1,195 million, compared to net income of $1,248 million in the year-ago quarter.

TFI International Inc (TFII.TO) reported first quarter net income of $92.8 million compared to $111.9 million in Q1 2023. Adjusted net income came in at $105.5 million in the first quarter of 2024, compared to $116.5 million a year earlier.

Eldorado Gold Corporation (ELD.TO) reported adjusted net earnings of $55.2 million for the first quarter of 2024, compared to adjusted net earnings of $16.7 million in the year-ago quarter.

After opening negative gap and plunging deeper into the red Thursday morning, the Canadian market recovered gradually and eventually ended slightly up.

The benchmark S&P/TSX Composite Index, which dropped about 235 points to 21,638.37 in early trades, rallied to 21,920.15 before settling at 21,885.38, gaining 11.66 points or 0.05%.

Asian stocks gained on Friday as Microsoft and Google's parent company Alphabet both beat Wall Street's first quarter expectations, offsetting Meta Platforms' disappointing forward guidance.

European stocks are up in positive territory on fairly strong results from Microsoft and Alphabet, and on ECB survey that showed Euro zone consumers lowered their expectation for inflation over the next 12 months in March.

In commodities, West Texas Intermediate Crude oil futures are up $0.71 or 0.85% at $84.28 a barrel.

Gold futures are gaining $14.80 or 0.63% at $2,357.30 an ounce, while Silver futures are up $0.262 or 0.96% at $27.615 an ounce.

Australia Retail Sales Slump 0.4% In March

The value of retail sales in Australia was down a seasonally adjusted 0.4 percent on month in March, the Australian Bureau of Statistics said on Tuesday - coming in at A$35.663 billion.

RTTNews | 4h 44min ago

Japanese Market Significantly Higher

Recouping the losses in the previous two sessions, the Japanese stock market is significantly higher in post-holiday trading on Tuesday, with the Nikkei 225 moving well above the 38,600 level, following the broadly positive cues from global markets overnight, with gains across most sectors led by Index heavyweights and technology stocks.

RTTNews | 4h 52min ago

Sensex, Nifty Seen Opening On Flat Note

Indian shares are seen opening on a flat note Tuesday after some officials said interest rates were likely to remain unchanged in the near term.

RTTNews | 4h 53min ago

Thai Stock Market May Extend Friday's Gains

Ahead of Monday's holiday for Coronation Day, the Thai stock market has bounced higher again, one day after ending the two-day winning streak in which it had added almost 10 points or 0.7 percent. The Stock Exchange of Thailand now sits just beneath the 1,370-point plateau and it's likely to move higher again on Tuesday. The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were firmly higher and the Asian markets are predicted to open in similar fashion. The SET finished modestly higher on Friday as gains from the resource, service and technology stocks were tempered by weakness from the food and finance companies. For the day, the index added 6.67 points or 0.49 percent to finish at 1,369.92 after trading between 1,364.26 and 1,372.72. Volume was 12.500 billion shares worth 37.541 billion baht. There were 256 gainers and 190 decliners, with 217 stocks finishing unchanged. Among the actives, Thailand Airport rose 0.38 percent, while Bangkok Bank fell 0.37 percent, Bangkok Dusit Medical gathered 0.87 percent, Bangkok Expressway jumped 1.82 percent, B. Grimm spiked 2.91 percent, CP All Public sank 0.85 percent, Charoen Pokphand Foods dropped 0.98 percent, Energy Absolute rallied 2.48 percent, Gulf gained 0.61 percent, Krung Thai Bank collected 0.60 percent, Krung Thai Card climbed 1.17 percent, PTT Oil & Retail advanced 1.08 percent, PTT accelerated 1.50 percent, PTT Global Chemical increased 1.00 percent, Siam Concrete strengthened 1.62 percent, Thai Oil added 1.41 percent, True Corporation improved 1.24 percent and TTB Bank, Kasikornbank, Siam Commercial Bank, PTT Exploration and Production, SCG Packaging, Asset World, Advanced Info, Banpu and BTS Group were unchanged. The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day.

RTTNews | 5h 18min ago

Higher Open Anticipated For Indonesia Stock Market

The Indonesia stock market has moved higher in two straight sessions, collecting almost 20 points or 0.3 percent along the way. The Jakarta Composite Index now sits just above the 7,135-point plateau and it's expected to open to the upside again on Tuesday. The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were firmly higher and the Asian markets are predicted to open in similar fashion. The JCI finished barely higher on Monday following gains from the resource stocks and a mixed picture from the financial sector. For the day, the index perked 1.17 points or 0.02 percent to finish at 7,135.89 after trading between 7,102.69 and 7,178.77. Among the actives, Bank CIMB Niaga slumped 1.37 percent, while Bank Mandiri jumped 2.03 percent, Bank Danamon Indonesia skidded 1.11 percent, Bank Negara Indonesia fell 0.41 percent, Bank Central Asia shed 0.51 percent, Bank Rakyat Indonesia collected 0.84 percent, Indosat Ooredoo Hutchison advanced 0.94 percent, Indocement skidded 1.04 percent, Semen Indonesia rallied 1.51 percent, United Tractors perked 0.08 percent, Astra International tanked 2.39 percent, Energi Mega Persada dropped 0.97 percent, Aneka Tambang strengthened 1.68 percent, Vale Indonesia soared 5.41 percent, Timah surged 3.45 percent, Bumi Resources spike 3.00 percent and Astra Agro Lestari and Indofood Sukses Makmur were unchanged.

RTTNews | 5h 48min ago

Australian Market Notably Higher

Adding to the gains in the previous three sessions, the Australian stock market is notably higher on Tuesday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,700 level, with gains across most sectors led by technology stocks as well as mining and energy stocks amid firmer commodity prices.

RTTNews | 6h 0min ago

How High Can Hang Seng Index Go?

The Hong Kong stock market has moved higher in 10 straight sessions, gathering more than 2,370 points or 13.8 percent along the way. The Hang Seng Index now sits just above the 18,575-point plateau and it's looking at another firm lead for Tuesday's trade.

RTTNews | 6h 3min ago

Japan Services Sector Accelerates In April - Jibun

The services sector in Japan continued to expand in April, and at a faster pace, the latest survey from Jibun Bank revealed on Tuesday with a services PMI score of 54.3.

RTTNews | 6h 8min ago

EURUSD	1.07663	GBPUSD	1.25558	AUDUSD	0.6626
USDJPY	154.561	USDCAD	1.3671	USDCHF	0.90739