Canadian Market Likely To Open On Negative Note On Recession Fears

RTTNews | 1194 дней спустя
Canadian Market Likely To Open On Negative Note On Recession Fears

(RTTNews) - Sharply lower Canadian and U.S. futures point to a weak opening on Bay Street on Thursday. Fears of a possible recession due to aggressive monetary tightening by global central banks triggered a sell-off in European markets and the trend is unlikely to be any different in the Canadian market this morning.

After five successive days of losses, the Canadian market ended modestly higher on Wednesday, led by gains in healthcare, technology and consumer discretionary sectors.

After opening on a firm note, the market pared some gains and moved slightly above the unchanged line till around mid afternoon when it briefly slipped into the red after the Fed announced a 75-basis point interest rate hike.

The benchmark S&P/TSX Composite Index ended with a gain of 63.05 points or 0.32% at 19,611.56, after scaling a low of 19,383.69 and a high of 19,743.36 intraday.

Asian stocks gave up early gains to end mixed on Thursday amid concerns that higher U.S. interest rates could lead to more capital outflows from emerging markets. Investors also continued to fret about the impact of surging inflation on economic growth and corporate earnings.

European stocks are down sharply amid mounting fears that the Fed might trigger a recession sometime in the next year with its aggressive rate action.

The Bank of England today raised its key interest rate for the fifth straight session on Thursday, as inflationary pressures intensified amid the labor market tightness. The bank has raised the rate by a total 1.15 percentage points since December.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.28 or 1.98% at $113.03 a barrel.

Gold futures are gaining $4.20 or 0.23% at $1,823.80 an ounce, while Silver futures are down $0.030 or 0.14% at $21.390 an ounce.

read more
European Shares Slide As Auto Stocks Weigh

European Shares Slide As Auto Stocks Weigh

European stocks were broadly lower on Monday as investors awaited a key U.S. inflation reading as well as comments from several Federal Reserve officials this week for additional clues on the Federal Reserve's rate trajectory.
RTTNews | 36 минут назад
Asian Shares Mixed As Investors Ponder Fed's Rate Path

Asian Shares Mixed As Investors Ponder Fed's Rate Path

Asian stocks turned in a mixed performance on Monday as investors wondered how U.S. President Donald Trump's crackdown on immigration will reshape the world's largest economy in the short and long term.
RTTNews | 59 минут назад
Dollar Edges Up After Fed's Cautious Rate Cut

Dollar Edges Up After Fed's Cautious Rate Cut

The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies edged up during the week ended September 19 amidst a cautious rate cut by the Federal Reserve as well as status quo by Bank of England and Bank of Japan.
RTTNews | 1ч 28мин назад
European Shares Seen Mostly Lower In Cautious Trade

European Shares Seen Mostly Lower In Cautious Trade

European stocks are seen opening flat to slightly lower on Monday as investors react to the Trump administration's immigration crackdown on H-1B visas and shift focus to a slew of U.S. economic data as well as speeches by Fed Chair Jerome Powell and other Fed officials due this week for additional clues on the future path of interest rates.
RTTNews | 4ч 4мин назад
China Leaves Key Interest Rates Unchanged

China Leaves Key Interest Rates Unchanged

The People's Bank of China left its benchmark interest rates unchanged for the fourth straight month despite key indicators suggesting economic slowdown. The PBoC kept its one-year loan prime rate unchanged at 3.0 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.50 percent. The decision came in line with expectations.
RTTNews | 4ч 15мин назад
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Monday, but adding to the gains in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,800.00 level, with gains across most sectors led by mining and financial stocks.
RTTNews | 6ч 12мин назад
Asian Markets Trade Mixed

Asian Markets Trade Mixed

Asian stock markets are trading mixed on Monday, following the positive cues from Wall Street on Friday, as the recent interest rate cut decision by the US Fed and the forecast by Fed officials of two more rate cuts this year but just one next year, continue to lift market sentiment. However, major currencies in the region weakened against the US dollar. Asian markets closed mixed on Friday.
RTTNews | 6ч 32мин назад