Bay Street Looks Headed For Positive Start

RTTNews | Pred 974 dňami

(RTTNews) - Canadian shares look headed for a positive start on Thursday, with energy and materials shares likely to gain on firm commodity prices.

Investors will also be reacting to earnings updates from major banks, in addition to a report from Markit Economics about manufacturing activity in the country.

Bank of Montreal (BMO.TO) reported fourth-quarter net income of $4,483 million, compared with $2,159 million in the year-ago quarter. Adjusted net income came in at $2,136 million for the fourth quarter, compared with $2,226 million a year ago.

Canadian Imperial Bank of Commerce (CM.TO) reported a net income of $1,185 million for the fourth quarter of 2022, compared with net income of $1,440 million in the year-ago quarter.

TD Bank Group (TD.TO) on Thursday reported fourth-quarter net income available to common shareholders of C$6.56 billion or C$3.62 per share, up sharply from C$3.72 billion or C$2.04 per share in the year-ago quarter.

On the economic front, data on Canadian labor productivity for the third quarter is due at 8:30 AM ET.

Markit Economics is scheduled to release a reading of Canadian manufacturing activity in the month of November at 9:30 AM ET. The S&P Global Canada Manufacturing PMI fell to 48.8 in October of 2022, down from 49.8 in September,

Canadian stocks rallied on Wednesday afternoon to end the session on a firm note as investors cheered Fed Chair Jerome Powell's comments about interest rate hikes.

Speaking at an event at the Brookings Institution, Powell said that it makes sense to moderate the pace of rate increases as the country approaches the level of restraint that will be sufficient to bring inflation down. "The time for moderating the pace of rate increases may come as soon as the December meeting," he added.

The benchmark S&P/TSX Composite Index ended with a gain of 175.85 points or 0.87% at 20,453.26, near the day's high. The index touched a low of 20,137.12 in early trades.

Asian stocks rose notably on Thursday after Federal Reserve Chair Jerome Powell hinted at slowing the pace of rate hikes and the giant Chinese cities of Guangzhou and Chongqing announced an easing of COVID curbs in the wake of nationwide rallies calling for an end to lockdowns.

European stocks are broadly higher with investors cheering Fed Chair Powell's dovish remarks on the pace of rate hikes, and on reports about easing of Covid curbs in China.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.00 or 1.2% at $81.55 a barrel.

Gold futures are gaining $40.50 or 2.3% at $1,800.40 an ounce, while Silver futures are up $0.629 or 2.89% at $22.410 an ounce.

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 | Pred 2 h 3 min

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 | Pred 3 h 34 min

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 | Pred 4 h 47 min

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 | Pred 4 h 51 min

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 | Pred 4 h 53 min

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 | Pred 5 h 40 min

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 | Pred 5 h 48 min

Bay Street Likely To Open On Weak Note

Canadian shares are set to open on a negative note on Friday as U.S. President Donald Trump's announcement of fresh tariffs on Canada and several other countries has hurt investor sentiment across global markets.

RTTNews | Pred 7 h 0 min

EURUSD	1.15713	GBPUSD	1.32625	AUDUSD	0.6456
USDJPY	147.371	USDCAD	1.37967	USDCHF	0.80495

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Bay Street Looks Headed For Positive Start