Canadian Market Seen Opening On Positive Note

RTTNews | Před 1049 dny

(RTTNews) - Canadian shares look headed for a positive start on Wednesday thanks to strong earnings updates from Google and Microsoft, and firm crude oil prices.

The Federal Reserve's interest rate decision, due later in the day, will be in focus. The central bank is likely to raise rates by 75 basis points.

The accompanying statement and Fed Chair Jerome Powell's press conference are likely to attract greater attention that the central bank's rate decision.

Investors will also be reacting to a slew of earnings announcements from Canadian companies.

In earnings news, Precision Drilling Corp. (PD.TO) reported lower than expected second-quarter net loss of C$25 million or C$1.81 per share, compared with a net loss of C$76 million or C$5.71 per share in the prior year.

Loblaw Companies Limited (L.TO) reported second-quarter net earnings of C$387 million or C$1.16 per share as compared to C$375 million or C$1.09 per share in the prior-period quarter.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $463 million for the quarter ended June 30, 2022, up 20%, compared with adjusted net income of $387 million in the year-ago quarter.

Cameco Corporation (CCO.TO) reported adjusted net earnings of $72 million for the quarter ended June 30, 2022, as against net loss of $38 million a year ago.

The Canadian market ended notably lower on Tuesday after staying weak right through the day's session, as rising signs of slowing economic growth and looming policy tightening by central banks rendered the mood bearish. The benchmark S&P/TSX Composite Index ended with a loss of 131.80 points or 0.69% at 18,972.68, nearly 50 points off the session's low of 18,923.42.

Asian stocks turned in a mixed performance on Wednesday after Alphabet and Microsoft reported better than feared quarterly results, helping soothe investor worries over the economic outlook.

Market participants awaited the Fed's interest rate decision later in the day, with a 75 basis point rate hike mostly priced in.

European stocks are modestly higher a little past noon on Wednesday with investors awaiting the Fed's rate decision.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.71 or 0.75% at $95.69 a barrel.

Gold futures are up marginally at $1,718.50, while Silver futures are gaining $0.165 or 0.89% at $18.700 an ounce.

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | Před 1 h 27 min

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | Před 1 h 33 min

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | Před 2 h 13 min

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | Před 3 h 38 min

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | Před 3 h 54 min

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | Před 5 h 2 min

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | Před 5 h 38 min

Eurozone Investor Confidence Strongest In A Year: Sentix

Euro area investor morale rose to the highest level in a year in June, driven by the economic recovery in Germany, survey data from the behavioral research institute Sentix showed Tuesday. The investor sentiment index rose to +0.2 in June from -8.1 in May. This was the highest reading since June 2024 and remained well above economists' forecast of -6.0.

RTTNews | Před 8 h 32 min

EURUSD	1.14218	GBPUSD	1.34985	AUDUSD	0.6522
USDJPY	144.841	USDCAD	1.36708	USDCHF	0.82223

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Canadian Market Seen Opening On Positive Note