TSX Ends On Strong Note On Optimism About Interest Rates

RTTNews | 610 days ago

(RTTNews) - The Canadian market ended on a buoyant note on Friday with investors picking up stocks amid rising optimism the Federal Reserve is done with interest rate hikes.

The mood remained bullish despite Fed Chair Jerome Powell calling speculation about interest rate cuts "premature" during remarks at Spelman College today.

Buying was so widespread that all the sectoral indices in the Canadian market moved higher. However, energy and consumer staples sectors, and to an extent - the financials sector - were a bit subdued.

The benchmark S&P/TSX Composite Index ended with a strong gain of 216.58 points or 1.07% at 20,452.87, the highest close since September 18.

The Health Care Capped Index climbed 3.42%. Tilray Inc (TLRY.TO) surged 6.2%. Sienna Senior Living (SIA.TO), Bausch Health Companies (BHC.TO) and Chartwell Retirement Residences (CSH.UN.TO) gained 2.1 to 3%.

The Communications Capped Index surged 2.79%. Quebecor Inc (QBR.B.TO), Rogers Communications (RCI.B.TO), Cogeco Communications (CCA.TO) and Telus Corp (T.TO) gained 2.8 to 3.3%, while BCE Inc (BCE.TO) ended 1.8% up.

The Real Estate Capped Index gained 2.24%, the Industrials Capped Index advanced 2.07%, and the Utilities Index climbed 2.01%. The indices tracking the performances of stocks from materials, consumer discretionary and technology sectors gained 1.67%, 1.62% and 1.24%, respectively.

Bank of Montreal (BMO.TO) gained about 2%. The bank reported fourth-quarter earnings of C$1.49 billion, or C$2.06 per share, compared to C$4.41 billion, or C$6.51 per share a year earlier. Excluding items, adjusted earnings were C$2.02 billion, or C$2.81 per share, compared to C$2.06 billion, or C$3.04 per share, in the previous year.

National Bank of Canada (NA.TO) climbed nearly 5% after reporting fourth-quarter net income of $768 million, up 4% from $738 million in the fourth quarter of 2022.

Data from Statistics Canada showed employment in Canada increased by 24,900 jobs in November, following an addition of 17,500 jobs in the previous month.

Meanwhile, the unemployment rate in Canada incrased to 5.8% in November, up from 5.7% in the previous month.

Average hourly earnings for permanent employees in Canada rose by 5% year-on-year to reach $35.16 in November.

Canada's manufacturing activity contracted in November, data from S&P Global showed. The S&P Global Canada Manufacturing PMI contraction accelerated to 47.7 in November from 48.6 in the previous month, slowing down for the seventh consecutive month.

U.S. Dollar Falls As Weak Jobs Data Lifts Rate Cut Hopes

The U.S. dollar weakened against its major counterparts in the New York session on Friday, as weaker-than-expected jobs data for July strengthened expectations of a Fed rate cut in September.

RTTNews | 1 day ago

European Stocks Close Sharply Lower As Trump's Tariff Move Hurts Sentiment

European stocks tumbled on Friday, recording one of their worst sessions in several months, as sweeping fresh tariffs announced by U.S. President Donald Trump raised fears of a global economic slowdown, prompting investors to press selling across the board.

RTTNews | 1 day ago

Canadian Market Remains Firmly Down In Negative Territory On Tariff Worries

The Canadian market got off to a weak start Friday morning and slipped deeper into the red subsequently, as U.S. President Donald Trump's sweeping tariff announcement rendered the mood bearish.

RTTNews | 1 day ago

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.

RTTNews | 2 days ago

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.

RTTNews | 2 days ago

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.

RTTNews | 2 days ago

Eurozone Inflation Steady At 2% ECB Target

Euro area consumer price inflation was unchanged at the European Central Bank's 2 percent target in July, easing the pressure for more easing. The harmonized index of consumer prices increased 2.0 percent year-on-year in July, the same rate of increase as seen in June. Inflation was forecast to ease marginally to 1.9 percent.

RTTNews | 2 days ago

U.S. Job Growth Misses Estimates In July, Previous Months' Numbers Revised Sharply Lower

Job growth in the U.S. fell well short of economist estimates in the month of July, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment rose by 73,000 jobs in July, while economists had expected employment to jump by 110,000 jobs.

RTTNews | 2 days ago

EURUSD	1.15956	GBPUSD	1.32834	AUDUSD	0.64735
USDJPY	147.381	USDCAD	1.37779	USDCHF	0.8035

Advertisement

TSX Ends On Strong Note On Optimism About Interest Rates