Bay Street Likely To Open Higher On Firm Commodities, European Stocks

RTTNews | Pred 518 dňami

(RTTNews) - Canadian shares may open higher on Friday, tracking firm crude oil and bullion prices, and strong European markets on the back of some encouraging economic data.

Meanwhile, major U.S. banks have come up with mixed earnings updates. While CitiGroup and Wells Fargo have reported lower earnings, JPMorgan has reported higher than expected quarterly earnings.

In Canadian earnings news, MTY Food Group Inc. (MTY.TO) reported that its first-quarter net income decreased by 6% at C$17.3 million, or C$0.71 per share compared to C$18.4 million, or C$0.75 per share, last year.

Corus Entertainment Inc. (CJR-B.TO) reported a fiscal second-quarter adjusted net loss of more than $5.9 million, or $0.03 per share, significantly lower than a loss of near $13.9 million, or $0.07 per share, in the year-ago quarter.

The Canadian market ended on a weak note on Thursday amid concerns about the outlook for Fed interest rates after previous day's data from the Labor Department showed a bigger than expected increase in U.S. consumer prices in the month of March.

The benchmark S&P/TSX Composite Index ended with a loss of 89.02 points or 0.4% at 22,110.11. The index, which edged up to 22,221.84 in early trades, dropped to 21,985.68 around mid morning, losing more than 200 points.

Asian stocks closed weak on Friday as traders priced in less monetary-policy easing by the Federal Reserve this year and waited for the U.S. earnings season to kick off with large-cap banking names.

The Chinese market declined as the U.S. crackdown on China's tech sector intensified.

European stocks are up firmly in positive territory after a European Central Bank (ECB) poll of professional forecasters showed that inflation in the euro zone will fall to 2% in 2025 and stay there in the longer term, giving the clearest indication that the ECB could cut interest rates in June.

In-line regional inflation and GDP data also boosted investor sentiment. German consumer price inflation slowed to 2.2 percent in March, the weakest since May 2021.

France's consumer price inflation posted an annual increase of 2.3% in March, following February's 3% rise, according to the latest data from the statistical office INSEE.

In commodities, West Texas Intermediate Crude oil futures are up $1.28 or 1.51% at $86.30 a barrel.

Gold futures are up $37.50 or 1.6% at $2,410.20 an ounce, while Silver futures are gaining $0.850 or 3.1% at $29.100 an ounce.

Canadian Market Drifts Lower On Profit Taking

Despite rising odds of interest rate cuts by the Bank of Canada and the Federal Reserve next week, the Canadian market is down in negative territory on Friday, taking a breather after consistently hitting record highs over the past several sessions.

RTTNews | Pred 58 minútami

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

Preliminary data released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index fell to 55.4 in September from 58.2 in August. Economists had expected the index to edge down to 58.0.

RTTNews | Pred 2 h 39 min

UK Economy Flatlines In July

The UK economy stagnated in July, posing further challenges to Chancellor Rachel Reeves as any tax hikes or spending cuts would again dampens activity. Real gross domestic product showed no growth in July, as expected, after rising 0.4 percent in June, the Office for National Statistics reported Friday.

RTTNews | Pred 4 h 12 min

Bay Street Likely To Open On Mixed Note

Canadian shares may open on a mixed note Friday morning as investors are likely to take some profits after recent gains. Firm gold and oil prices may push up resources stocks.

RTTNews | Pred 4 h 52 min

Russia Central Bank Cuts Rate By 100 Bps

Russia's central bank slashed its benchmark interest rate for the third time this year as higher lending rates weigh on business activity and damp economic recovery. The Board of Directors of Bank of Russia, governed by Elvira Nabiullina, decided to cut the key interest rate by 100 basis points to 17.00 percent from 18.00 percent.

RTTNews | Pred 5 h 5 min

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the European session on Friday.

RTTNews | Pred 5 h 24 min

FTSE 100 Modestly Higher As Miners Rise

The UK market is up in positive territory a little past noon on Friday, supported by solid gains in the mining sector thanks to higher metal prices. Investors are also digesting the data showing the UK economy stagnated in July as expansions in services and construction sectors were offset by the decline in industrial production.

RTTNews | Pred 6 h 5 min

CAC 40 Down Nearly 0.5%

French stocks are exhibiting weakness on Friday with investors largely cautious ahead of Fitch Ratings' review of France's sovereign credit rating. Expectations of a rate cut by the Federal Reserve next week appear to be limiting market's downside.

RTTNews | Pred 6 h 23 min

EURUSD	1.17345	GBPUSD	1.3567	AUDUSD	0.66472
USDJPY	147.614	USDCAD	1.38456	USDCHF	0.7962