Canadian Market Modestly Higher In Cautious Trade After Inflation Data

RTTNews | Pred 1056 dňami

(RTTNews) - The Canadian market is modestly higher a little past noon on Wednesday, recovering slightly thanks to strong buying in technology and healthcare sectors after a mild setback.

Stocks from the rest of the sectors are turning in a mixed performance amid cautious moves by investors after data showed an acceleration in consumer price inflation in the month of June.

The benchmark S&P/TSX Composite Index is up 29.70 points or 0.16% at 18,967.41. The index touched a low of 18,845.15 earlier in the session.

The Health Care Capped Index is up nearly 7%. Canopy Growth Corp (WEED.TO) is soaring 18.5%. Tilray Inc (TLRY.TO) is climbing 13.5% and Aurora Cannabis (ACB.TO) is surging 11.3%, Cronos Group (CRON.TO) is rising 8.5% and Bausch Health Companies (BHC.TO) is advancing 5.4%.

The Information Technology Capped Index is up 4% with stocks rising sharply, tracking gains in Nasdaq after Netflix's upbeat forecast. Hut 8 Mining (HUT.TO), extending recent gains, is up as much as 9.5%. Lightspeed Commerce (LSPD.TO) is surging 9% and Shopify Inc (SHOP.TO) is moving up 8.7%.

Tecsys (TCS.TO), Dye & Durham (DND.TO), Nuvei Corp (NVEI.TO), Magnet Forensics (MAGT.TO), BlackBerry (BB.TO), Enghouse Systems (ENGH.TO), Constellation Software (CSU.TO), Kinaxis (KXS.TO) and Quarterhill (QTRH.TO) are also up sharply.

Data from Statistics Canada showed the country's annual inflation rate accelerated to 8.1% in June of 2022, the highest since January 1983. However, that was below market expectations of 8.4%.

On a monthly basis, consumer prices rose 0.7%, below expectations of a 0.9% increase and down from the 1.4% jump in May.

Core consumer prices in Canada increased 6.2% in June of 2022 over the same month in the previous year. It is the highest core inflation rate since at least 1984.

Another data from Statistics Canada showed producer prices in Canada fell 1.1% month-over-month in June, following an upwardly revised 1.8% increase in May. It was the first slowdown in producer prices since August of last year. Year-on-year, producer prices rose by 14.3% in June, slowing from a 15.7% jump in the previous month.

The Raw Materials Price Index in Canada edged down 0.1% on a monthly basis in June of 2022, after rising 2.7% in May. Raw materials prices increased 32.4% in June, slowing slightly from a 37.6% increase a month earlier.

Japan Producer Price Data Due On Wednesday

Japan will on Tuesday release May figures for producer prices, highlighting a light day for Asia-Pacific economic activity. In April, producer prices were up 0.2 percent on month and 4.0 percent on year.

RTTNews | Pred 1 h 8 min

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | Pred 2 h 55 min

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | Pred 3 h 0 min

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | Pred 3 h 41 min

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | Pred 5 h 6 min

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | Pred 5 h 22 min

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | Pred 6 h 29 min

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | Pred 7 h 5 min

EURUSD	1.14297	GBPUSD	1.35016	AUDUSD	0.65258
USDJPY	145.032	USDCAD	1.36694	USDCHF	0.82263

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Canadian Market Modestly Higher In Cautious Trade After Inflation Data