Bay Street Seen Opening Higher; BoC Rate Decision In Focus

RTTNews | 1034 dias atrás

(RTTNews) - Canadian shares are expected to open higher on Wednesday, tracking firm commodity prices. The focus will be on the Bank of India's interest rate decision, due at 10 AM ET.

The central bank's interest rate decision and the accompanying monetary policy statement, and the subsequent press conference are likely to set the trend for the market.

The central bank is widely expected to announce another sharp interest rate hike. The bank raised the target for its overnight rate by 75bps to 3.25% in September 2022. The fifth consecutive rate hike by the bank pushed borrowing costs to the highest since 2008.

FirstServices Corporation (FSV.TO) reported GAAP Operating Earnings of $62.7 million for the third-quarter, up from $61.5 million in the prior year period. The GAAP diluted earnings per share was $0.77 in the quarter, compared to $1.03 for the same quarter a year ago.

Crescent Point Energy (CPG.TO) reported net income of $466.4 million for the quarter ended September 2022, compared with net income of $77.5 million in the year-ago quarter.

The Canadian market shrugged off a weak start and climbed higher on Tuesday thanks to sustained buying in stocks from healthcare, technology, consumer discretionary and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 178.61 points or 0.94% at 19,097.01, almost near the day's high.

Asian stocks closed higher on Wednesday as weak U.S. data released overnight boosted expectations of a less hawkish Federal Reserve.

Investors are pricing in a smaller rate hike in December after a 75-basis point hike in November. Third-quarter U.S. GDP data, due later this week, is expected to offer more clues on the economic and rate outlook.

European stocks are turning in a mixed performance with investors reacting to a mixed bag of earnings announcement, and looking ahead to the ECB rate decision on Thursday.

The European Central Bank is widely expected to raise rates by 75 basis points amid a looming recession.

In commodities trading, West Texas Intermediate Crude oil futures for December are gaining $0.87 or 1.02% at $86.19 a barrel.

Gold futures are up $14.80 or 0.9% at $1,672.80 an ounce, while Silver futures are up $0.206 or 1.06% at $19.555 an ounce.

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

RTTNews | 19 minutos atrás

Taiwan Bourse May Hand Back Monday's Gains

The Taiwan stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 24,275-point plateau although it's expected to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. For the day, the index surged 512.91 points or 2.16 points to finish at 24,277.38 after trading between 24,108.75 and 24,362.02. Among the actives, Mega Financial and United Microelectronics Corporation both eased 0.12 percent, while Fubon Financial jumped 1.93 percent, E Sun Financial and Formosa Plastics both sank 0.74 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.08 percent, Hon Hai Precision rallied 2.47 percent, Largan Precision added 0.42 percent, MediaTek soared 3.30 percent, Novatek Microelectronics climbed 1.18 percent, Nan Ya Plastics surged 3.53 percent, Asia Cement gained 0.40 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged.

RTTNews | 49 minutos atrás

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 1 h 19 min atrás

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 1 h 49 min atrás

Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

RTTNews | 2 h 4 min atrás

KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 2 h 19 min atrás

RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its August 12 monetary policy meeting, highlighting a modest day for Asia-Pacific economic activity.

RTTNews | 3 h 19 min atrás

U.S. Dollar Climbs Against Majors

The U.S. dollar strengthened against its major counterparts in the New York session on Monday.

RTTNews | 4 h 31 min atrás

EURUSD	1.16384	GBPUSD	1.34719	AUDUSD	0.64875
USDJPY	147.313	USDCAD	1.38508	USDCHF	0.8043