Bay Street Likely To Open On Cautious Note; Fed Policy In Focus

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(RTTNews) - The Canadian market is likely to open on a cautious note on Wednesday as investors await the Federal Reserve's monetary policy announcement, due later in the day. Energy stocks may gain on higher crude oil prices.

On the Canadian economic front, a report by Markit Economics on Canadian manufacturing activity in the month of October is due at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI fell to 47.5 in September of 2023 from 48 in the previous month, pointing to the fifth consecutive contraction in Canadian factory activity, and at the sharpest pace since the pandemic-driven crash in the second quarter of 2020.

In earnings news, Thomson Reuters (TRI.TO) reported third-quarter operating profit of $441 million, compared to $398 million in the year-ago quarter.

Secure Energy Services Inc (SES.TO) reported third-quarter net income of $47 million, compared to $60 million a year ago.

Canada Goose Holdings Inc. (GOOS.TO) reported second-quarter adjusted net income of $16.2 million, compared with $20.3 million in the year-ago quarter.

SSR Mining Inc. (SSRM.TO) reported third-quarter adjusted net income of US$53.0 million, as against a loss of US$13.5 million in the year-ago quarter.

Canadian stocks closed higher on Tuesday, gaining for a second straight session. In addition to digesting Canadian GDP data and corporate earnings updates, investors awaited the Federal Reserve's monetary policy.

The benchmark S&P/TSX Composite Index ended the session with a marginal gain of 16.71 points or 0.09% at 18,873.47.

Asian stocks ended broadly higher on Wednesday, with Japanese markets leading regional gains after the Bank of Japan loosened its grip on government bond yields.

Middle East worries persisted and Chinese manufacturing data disappointed, helping limit overall gains in the region. Purchasing managers' indexes (PMIs) for China, Japan, South Korea and Australia showed activity shrinking.

European stocks are somewhat subdued around noon, with investors making cautious moves ahead of the Federal Reserve's monetary policy announcement.

In commodities, West Texas Intermediate Crude oil futures are up $1.48 or 1.82% at $82.50 a barrel.

Gold futures are down $2.10 or 0.12% at $1,992.20 an ounce, while Silver futures are lower by $0.182 or 0.79% at $22.770 an ounce.

Sensex, Nifty Seen Tad Higher At Open As IIP Growth Recovers

Indian shares may open on a positive note on Friday after official data showed India's industrial output production expanded at the fastest pace in four months in July.

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Thai Stock Market Tipped To Open In The Green

The Thai stock market on Thursday ended the two-day slide in which it had slipped almost 15 points or 1.2 percent. The Stock Exchange of Thailand now sits just above the 1,250-point plateau and it may open to the upside again on Friday.

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Japanese Market Notably Lower

Giving up some of the gains in the previous two sessions, the Japanese market is notably lower on Friday, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 42,700 level, with weakness across most sectors led by exporters and technology stocks.

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Additional Support Predicted For Indonesia Shares

The Indonesia stock market has moved higher in two consecutive trading days, gathering almost 50 points or 0.6 percent in that span. The Jakarta Composite Index now sits just above the 7,950-point plateau and it may add to its winnings on Friday.

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Australian Market Slightly Lower

The Australian stock market is trading slightly lower on Friday, giving up some of the gains in the previous two sessions, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 9,000 mark, with weakness in mining and financial stocks partially offset by gains in energy and technology stocks.

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Hong Kong Shares May Stop The Bleeding On Friday

The Hong Kong stock market has finished lower in three straight sessions, tumbling almost 830 points or 3.3 percent along the way. The Hang Seng Index now rests just beneath the 25,000-point plateau although it may find traction on Friday.

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Higher Open Called For China Stock Market

The China stock market on Thursday snapped the two-day losing streak in which it had stumbled more than 80 points or 2.1 percent. The Shanghai Composite Index now sits just above the 3,840-point plateau and it's expected to see additional support on Friday.

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Rebound Anticipated For Taiwan Stock Market

The Taiwan stock market on Thursday wrote a finish to the three-day winning streak in which it had jumped more than 750 points or 3.1 percent. The Taiwan Stock Exchange now rests just beneath the 24,230-point plateau although it figures to bounce higher again on Friday.

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