Bay Street Likely To Open On Positive Note

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(RTTNews) - Canadian shares look headed for a positive start Thursday morning, tracking higher bullion prices, and dovish comments from the Federal Reserve.

Investors will also be reacting to quarterly earnings updates.

BCE Inc (BCE.TO) reported fourth-quarter net earnings of $567 million, down 13.8% from net earnings of $658 million from a year ago.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $554 million for the quarter ended December 31, 2022, compared with adjusted net income of $486 million in the corresponding quarter of the previous year.

Lightspeed Commerce Inc. (LSPD.TO) reported adjusted net loss of $814.8 million for the quarter ended December 2022, compared with adjusted net loss of $65.5 million in the corresponding quarter of the previous financial year. Net loss includes a non-cash goodwill impairment charge of $748.7 million .

On the economic front, data on Canadian building permits for the month of December is due at 8:30 AM ET.

After a weak start and a subsequent fall to lower levels, the Canadian market staged a recovery and briefly emerged into positive territory in late afternoon trades on Wednesday, before closing slightly weak.

Investors digested a 25-basis point interest rate hike by the Federal Reserve and noted Fed Chief Jerome Powell's comments. The Fed said it anticipates ongoing increases in interest rates will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.

The benchmark S&P/TSX Composite Index ended lower by 16.33 points or 0.08% at 20,751.05, well off the day's low of 20,579.49.

Asian shares edged higher on Thursday after the U.S. Federal Reserve said that "disinflationary process has started" but "ongoing increases" in rates will be needed to curb price pressures.

Fed Chair Jerome Powell's dovish comments in a press conference stoked expectation that the Fed might start cutting rates before 2024.

European stocks are up in positive territory in early afternoon trades on Thursday with investors digesting the Federal Reserve's policy decision, and the Bank of England's interest rate hike announcement.

The BoE today raised its benchmark rate for the tenth straight session, citing stronger-than-expected wage pressure and risks of greater persistence in underlying inflaiton. The bankk raised its interest rate by 50 basis points to 4%, the highest since 2008.

The Europen Central Bank is scheduled to announce its interest rate decision at 8:15 AM ET.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.42 or 0.55% at $76.59 a barrel.

Gold futures are gaining $26.70 or 1.37% at $1,969.50 an ounce, while Silver futures are up $0.941 or 3.95% at $24.550 an ounce.

Australian Market Trims Early Losses In Mid-market

The Australian market is trimming early losses in mid-market moves on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

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Asian Markets Trade Mostly Higher

Asian stock markets are mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic the US Fed will cut interest rates at their next meeting in September. They also remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the Fed's preferred readings on consumer price inflation.

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Sensex, Nifty Set To Open Lower As New U.S. Tariffs Take Effect

Indian shares may open on a weak note on Thursday after U.S. President Donald Trump's 50 percent tariffs on Indian goods came into effect on Wednesday.

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Swiss Market Settles Modestly Higher

The Switzerland market closed modestly higher on Wednesday after staying firm right through the day's session, thanks to fairly strong buying at several counters. The benchmark SMI closed up by 46.23 points or 0.38% at 12,207.12. The index moved between 12,166.23 and 12,226.36 during the session.

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Japanese Market Notably Higher

The Japanese market is trading notably higher on Thursday after opening in the red, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 42,650 level, with gains in index heavyweights, automakers and financial stocks.

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Thai Bourse May Halt Losing Streak On Thursday

The Thai stock market has moved lower in back-to-back sessions, slipping almost 15 points or 1.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,250-point plateau although it may stop the bleeding on Thursday.

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Australian Market Slightly Lower

The Australian market is slightly lower in choppy trading on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

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Indonesia Shares Tipped To Open In The Green

The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,935-point plateau and it may add to its winnings on Thursday.

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EURUSD	1.16418	GBPUSD	1.3506	AUDUSD	0.65114
USDJPY	147.167	USDCAD	1.37807	USDCHF	0.80143