Canadian Market Up Firmly In Positive Territory After Jobs Data

RTTNews | 663 dni temu
Canadian Market Up Firmly In Positive Territory After Jobs Data

(RTTNews) - The Canadian market is up firmly in positive territory Friday morning with stocks surging higher with weak Canadian and U.S. jobs data raising hopes the Bank of Canada and the Federal Reserve will soon end their interest-rate hiking cycle.

Investors are also reacting to a slew of earnings announcements.

Utilities, energy, financials, materials and industrials shares are among the prominent gainers. Shares from the rest of the sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 201.08 points or about 1% at 20,321.82.

Data from Statistics Canada said the Canadian economy shed 6,400 jobs in July, after seeing an addition of 59,900 jobs in June. Economists had expected the economy to add 21,100 jobs in July.

The data from Statistics Canada also showed that the unemployment rate in Canada edged higher for the third straight month in July, rising to 5.5%, after a 5.4% increase in the previous month.

Meanwhile, average hourly earnings for permanent employees in Canada increased by 5% yoy to $34.6 in July 2023, accelerating from the 3.9% growth in the previous month.

According to a report from the Ivey Business School, the Ivey Purchasing Mangers Index in Canada fell to 48.6 in July from 50.2 in the prior month.

In U.S. economic news, data from the Labor Department said non-farm payroll employment climbed by 187,000 jobs in July after rising by a downwardly revised by 185,000 jobs in June. Economists had expected employment to jump by 200,000 jobs compared to the addition of 209,000 jobs originally reported for the previous month.

The data also said the unemployment rate edged down to 3.5% in July from 3.6% in June. Economists had expected the unemployment rate to remain unchanged.

Enbridge Inc (ENB.TO) reported Second quarter GAAP earnings of $1.8 billion or $0.91 per common share, compared with GAAP earnings of $0.5 billion or $0.22 per common share a year ago. The stock is up by about 0.8%.

Telus Corp (T.TO) is down marginally after reporting a net income of $196 million for the second quarter of this financial year, compared to net income of $498 million in the year-ago quarter.

Telus International (TIXT.TO) are climbing nearly 7%. The company reported a net loss of $7 million for the second quarter, compared with net income of $56 million in the same quarter last year.

TransAlta Corporation (TA.TO) shares are up 3% on strong results. The company reported net earnings of $62 million for the second quarter of this year, compared with net loss of $80 million in the second quarter of the previous financial year.

Magna International (MG.TO) is down 3.7% despite reporting a profit in the second quarter. The company reported net earnings of $339 million or $1.18 per share for the second quarter, compared to a loss of $156 million or $0.54 loss per share in the year-aqo quarter. Adjusted earnings were $1.50 per share, compared to $0.83 per share a year ago.

read more
Australian Market Slightly Trims Early Gains In Mid-market

Australian Market Slightly Trims Early Gains In Mid-market

The Australian market is slightly trimming its early gains in mid-market moves on Thursday, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,400 level, with gains in energy and technology stocks partially offset by a mixed performance in mining and financial stocks.
RTTNews | 58 minut temu
Asian Markets Mostly Higher

Asian Markets Mostly Higher

Asian stock markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, after a U.S. federal court blocked US President Donald Trump's attempt to impose sweeping reciprocal tariffs against its global trading partners under emergency powers, saying he exceeded his authority. Asian markets closed mostly lower on Wednesday.
RTTNews | 1g 18 minut temu
Sensex, Nifty Seen Higher As US Court Blocks Trump's Tariffs

Sensex, Nifty Seen Higher As US Court Blocks Trump's Tariffs

Indian shares look set to open higher on Thursday as investors react to encouraging industrial output data, upbeat Nvidia earnings and a U.S. court ruling blocking President Trump's "Liberation Day" tariffs, citing overreach of power.
RTTNews | 1g 53 minut temu
Japanese Market Sharply Higher

Japanese Market Sharply Higher

The Japanese market is trading sharply higher on Thursday, extending the gains in the previous four sessions, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving above the 38,300 level, with gains across most sectors led by index heavyweights, exporters and technology stocks.
RTTNews | 2g 46 minut temu
Thai Shares May Take Further Damage On Thursday

Thai Shares May Take Further Damage On Thursday

The Thai stock market has tracked lower in two straight sessions, slipping almost 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,160-point plateau and it's expected to open to the downside again on Thursday.
RTTNews | 2g 50 minut temu
Lower Open Anticipated For Hong Kong Stock Market

Lower Open Anticipated For Hong Kong Stock Market

The Hong Kong stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had rallied almost 500 points or 2.2 percent. The Hang Seng Index now sits just beneath the 23,260-point plateau and it's tipped to open under pressure again on Thursday.
RTTNews | 3g 5 minut temu
Australian Market Modestly Higher

Australian Market Modestly Higher

The Australian market is trading modestly higher on Thursday, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,400 level, with gains in energy, financial and technology stocks partially offset by a mixed performance in mining stocks.
RTTNews | 3g 16 minut temu
China Shares May Open Under Pressure On Thursday

China Shares May Open Under Pressure On Thursday

The China stock market has finished lower in five straight sessions, surrendering almost 50 points or 1.5 percent along the way. The Shanghai Composite Index now sits just beneath the 3,340-point plateau and it may see continued consolidation on Thursday.
RTTNews | 3g 20 minut temu