Bay Street Likely To Open On Mixed Note

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(RTTNews) - Canadian shares are likely to see a mixed start on Thursday with investors reacting to earnings updates from major banks, and upbeat results from U.S. chipmaker Nvidia.

In Canadian earnings news, Royal Bank of Canada (RY.TO) reported net income of $3.9 billion for the quarter ended July 31, 2023, up $295 million or 8% from the prior year. The bank reported adjusted net income and adjusted EPS of $4.0 billion and $2.84, respectively, both up 11% from the prior year.

Toronto-Dominion Bank (TD.TO) reported adjusted net income $3,731 million for the third quarter, compared with $3,813 million a year ago. The bank also announced that it intends to launch a new issuer bid to repurchase up to 90 million shares, representing around 4.9% of the 1.827 billion shares issued and outstanding as of July 31.

On the economic front, data on Canadian manufacturing sales for the month of July is due at 8:30 AM ET.

U.S. chipmaker NVIDIA Corporation (NVDA) announced after trading hours on Wednesday that its bottom line totaled $6.19 billion, or $2.48 per share. This compares with $0.66 billion, or $0.26 per share, in last year's second quarter. Excluding items, NVIDIA Corporation reported adjusted earnings of $6.74 billion or $2.70 per share for the period.

The Canadian market ended on a firm note on Wednesday, aided by strong gains in technology, materials, financials and real estate stocks.

The benchmark S&P/TSX Composite Index ended with a gain of 188.58 points or 0.96% at 19,879.79, after scaling a low of 19,713.51 and 19,907.28 intraday.

Asian stocks ended mostly higher on Thursday as bond yields retreated from recent highs on the back of August PMI data signaling weaker economic activity in Asia, Europe and the U.S.

Blockbuster earnings and a bullish outlook from Nvidia also offered some support as investors looked ahead to the Federal Reserve's upcoming Jackson Hole symposium.

After opening on a firm note, European stocks are paring gains today, and are currently up marginally. A drop in bond yields, and expectations of a pause in interest rate hikes lifted stock prices earlier in the day.

In commodities, West Texas Intermediate Crude oil futures are down marginally at $78.84 a barrel.

Gold futures are down $5.90 or 0.31% at $1,942.20 an ounce, while Silver futures are down $0.162 0r 0.65% at $24.230 an ounce.

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in five straight sessions, collecting more than 35 points or 2.4 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,560-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

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Win Streak May End For Japan Stock Market

Ahead of Monday's holiday for Mountain Day, the Japan stock market had moved higher in four consecutive sessions, advancing more than 1,580 points or 3.8 percent along the way. The Nikkei 225 now sits just above the 41,820-point plateau although investors are likely to lock in gains on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red. The Nikkei finished sharply higher on Friday with gains cross the board, especially among the finance, automobile and technology sectors. For the day, the index surged 761.38 points or 1.85 percent to finish at 41,820.48 after trading between 41,248.05 and 42,033.92. Among the actives, Nissan Motor accelerated 2.75 percent, while Mazda Motor spiked 4.91 percent, Toyota Motor jumped 3.47 percent, Honda Motor rallied 3.95 percent, Softbank Group skyrocketed 10.39 percent, Mitsubishi UFJ Financial collected 0.64 percent, Mizuho Financial advanced 1.02 percent, Sumitomo Mitsui Financial added 0.71 percent, Mitsubishi Electric fell 0.28 percent, Sony Group soared 3.50 percent, Panasonic Holdings climbed 1.16 percent and Hitachi rose 0.50 percent. The lead from Wall Street is negative as the major averages opened mixed on Monday, rallied midday but then slumped in the afternoon and finished under water.

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Continued Consolidation Called For South Korea Shares

The South Korea stock market has finished lower in back-to-back sessions, sinking more than 20 points or 0.6 percent along the way. The KOSPI now sits just above the 3,200-point plateau and it may take further damage again on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

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Australia Interest Rate Decision On Tap For Tuesday

The Reserve Bank of Australia will wrap up its monetary policy meeting this morning and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The RBA is expected lower its benchmark lending rate by 25 basis points, to 3.60 percent from 3.85 percent.

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U.S. Dollar Firms Against Majors

The U.S. dollar strengthened against its major counterparts in the New York session on Monday.

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Swiss Market Fails To Hold Early Gains, Ends Just Slightly Up

Despite opening on a firm note, the Switzerland market paring gains and even slipped into negative territory in late afternoon trades on Monday, but managed to end the day's session slightly up.

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European Stocks Close On Mixed Note After Cautious Session

European stocks turned in a mixed performance on Monday after a cautious session as investors looked ahead to upcoming talks between the U.S. and Russia on the Ukraine war issue, and the ongoing tariff negotiations between the U.S. and China, as well as some crucial economic data, including a report on consumer price inflation in the world's largest economy.

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Rate Cut Hopes Drag The Dollar Down

The U.S. dollar declined against major currencies during the week ended August 8 amidst weak economic data that renewed hopes of a larger-than expected and higher-than-expected monetary policy easing by the Federal Reserve.

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EURUSD	1.16165	GBPUSD	1.3434	AUDUSD	0.65152
USDJPY	148.141	USDCAD	1.37747	USDCHF	0.81209