Bay Street Likely To Open On Positive Note

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(RTTNews) - Higher crude oil and bullion prices point to a positive start for the Canadian market on Thursday. Investors are likely to track quarterly earnings updates from Canadian and U.S. companies.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $762 million for the quarter ended September 30, 2024, compared with $679 million in the year-ago quarter.

FirstService Corporation (FSV.TO) reported operating earnings of $125.9 million for the third-quarter of this financial year, up from $73.6 million in the year-ago quarter.

Mullen Group (MTL.TO) reported a net income of $38.3 million for the quarter ended September 30, 2024, compared with $39.1 million a year ago.

Celestica Inc (CLS.TO) reported revenue of $2.50 billion for the third quarter of 2024, up 22% from $2.04 billion in the corresponding quarter of the previous year.

The Canadian market ended weak on Wednesday, hurt by losses in technology, energy and materials stocks. Despite the Bank of Canada's decision to cut interest rates by 50 basis points, the mood in the market remained bearish amid concerns about the outlook for economic growth and due to persisting Middle East tensions.

The benchmark S&P/TSX Composite Index ended down 143.08 points or 0.58% at 24,573.62, about 20 points off the day's low of 24,453.40. The index remained in negative territory right through the day's session.

The Canadian central bank cut rates by a half point today, as widely expected, reducing its target for the overnight rate by 50 basis points to 3.75%, with the Bank Rate at 4% and the deposit rate at 3.75%.

Asian stocks ended mostly lower on Thursday as rising yields on uncertainty over the U.S. election outcome weighed on the tech sector. Tesla's forecast-beating earnings provided some comfort for investors, helping limit regional losses.

European stocks are up in positive territory, reacting to strong earnings from a slew of companies, and dovish comments from Bank of England Governor Andrew Bailey.

In commodities, West Texas Intermediate crude oil futures are up $0.50 or 0.7% at $71.27 a barrel.

Gold futures are gaining $20.50 or 0.75% at $2,749.90 an ounce, while Silver futures are up $0.421 or 1.25% at $34.260 an ounce.

Swiss Market Ends Weak After Choppy Ride

The Switzerland market ended on a weak note on Monday after spending much of the day's session in negative territory, as investors stayed wary of picking up stocks, choosing to wait for some clear directional clues.

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European Markets Close Mostly Higher Ahead Of Central Bank Policy Meetings

The markets in Europe closed mostly higher on Monday, although the UK market underperformed and settled slightly lower. Investors digested a batch of regional economic data, and looked ahead to the monetary policy announcements from the Federal Reserve, the Bank of England the Bank of Japan due later in the week.

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Canadian Market Modestly Higher; Energy, Materials Stocks Rise

The Canadian market is up in positive territory Monday afternoon, with stocks from energy, materials, technology and consumer discretionary sectors contributing to the upmove. The mood remains cautious with investors looking ahead to interest rate decisions from the Bank of Canada and the Federal Reserve on Wednesday.

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Major European Markets Up In Positive Territory As Investors Eye Central Bank Meetings

After a cautious start, European markets are up in positive territory Monday afternoon with investors picking up stocks amid hopes of a rate cut by the Federal Reserve on Wednesday. The Bank of England, which is scheduled to announce its monetary policy on Thursday, is widely expected to hold rates steady. The Bank of Japan's policy announcement is also due this week.

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New York Manufacturing Index Unexpectedly Turns Negative In September

A report released by the Federal Reserve Bank of New York on Monday showed a substantial downturn by New York manufacturing activity in the month of September. The New York Fed said its general business conditions index plunged to a negative 8.7 in September from a positive 11.9 in August, with a negative reading indicating contraction. Economists had expected the index to fall to a positive 5.0.

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Mixed Open Seen For Canadian Shares

Bay Street may open on a mixed note Monday morning, tracking commodity prices. With rate decisions from the Federal Reserve and the Bank of Canada due on Wednesday, the mood is likely to remain a bit cautious at times.

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New York Manufacturing Index Plunges Much More Than Expected In September

A report released by the Federal Reserve Bank of New York on Monday showed a substantial downturn by New York manufacturing activity in the month of September.

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UK Stocks Turning In Mixed Performance

The UK stock market's benchmark FTSE 100 is roughly flat about an hour past noon on Monday, with stocks turning in a mixed performance. Shares of mining companies are exhibiting weakness due to data showing a slowdown in China's industrial output in the month of August.

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EURUSD	1.17707	GBPUSD	1.36075	AUDUSD	0.66718
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