Bay Street Likely To Open Weak

RTTNews | 734 dias atrás

(RTTNews) - Lower Canadian and U.S. futures, and weakness in European markets, following the downward revision in U.S. credit ratings point to a weak start for the Canadian market on Wednesday.

Higher oil and bullion prices might trigger modest buying in energy and materials sections, but the mood is likely to remain cautious due to growth worries. Investors will be reacting to a slew of earnings updates from Canadian companies.

Investors also await the Bank of England's interest rate announcement on Thursday and the U.S. non-farm payrolls report due to be published on Friday for directional cues.

Thomson Reuters Corporation (TRI.TO) reported diluted EPS of $3.49 for the second quarter of the current financial year, compared to $1.83 per share in the prior-year period primarily due to higher operating profit and an increase in the current period in the value of the company's investment in LSEG.

Fortis Inc (FTS.TO) reported second-quarter net earnings of $294 million or $0.61 per common share, up from $284 million or $0.59 per common share in the year-ago quarter.

Colliers International Group Inc (CIGI.TO) reported GAAP operating earnings were $75.3 million in the second quarter, compared to $103.9 million in the prior year quarter.

The Canadian market ended lower on Tuesday as healthcare, materials and utilities shares fell on selling pressure.

The benchmark S&P/TSX Composite Index, which fell to 20,468.68 intraday, ended the session with a loss of 93.71 points or 0.45% at 20,532.93.

Asian stocks ended lower on Wednesday after various surveys showed factory activity around the world took a further turn for the worse in July.

Investors also fretted over the state of U.S. finances and its debt burden after Fitch downgraded the U.S. government's credit rating from AAA to AA+, citing fiscal deterioration and repeated debt ceiling standoffs.

European stocks are firmly down in negative territory Wednesday afternoon, following Fitch downgrading the U.S. government's credit rating from AAA to AA+, citing fiscal deterioration and repeated debt ceiling standoffs.

The rating agency said that during the last 20 years, there has been a decline in the standard of governance in America, the effect of which is visible in fiscal and debt decisions.

In commodities, West Texas Intermediate crude oil futures are up $0.61 or 0.75% at $81.98 a barrel.

Gold futures are up $5.00 or 0.25% at $1,983.30 an ounce, while Silver futures are gaining $0.139, or 0.57% at $24.465 an ounce.

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.

RTTNews | 36 minutos atrás

U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday. The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.

RTTNews | 1 h 23 min atrás

U.S. Trade Deficit Narrows Slightly More Than Expected In June

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.

RTTNews | 2 h 27 min atrás

Eurozone Private Sector Continues To Expand

Euro area private sector remained in the expansionary territory in July but the rate of growth remained sluggish as stagnant demand pulled back production, final survey results of the purchasing managers' survey by S&P Global showed on Tuesday. The HCOB composite output index rose to 50.9 in July from 50.6 in June. The flash reading was 51.0. A score above 50.0 indicates expansion.

RTTNews | 2 h 30 min atrás