Bay Street May Open Higher On Firm Oil Prices; Jobs Data, Earnings In Focus

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(RTTNews) - The Canadian market may open with a positive bias on Friday with higher crude oil prices likely to trigger some strong buying in the energy sector. However, Canadian jobs data for the month of January, and earnings updates are set to determine the market's trend.

Canadian employment data for the month of January is due at 8:30 AM ET. A report on average hourly wages for the month of January is also due at 8:30 AM ET.

Employment in Canada edged up marginally in December following an addition of 24,900 jobs in November. The unemployment rate in Canada was at 5.8% in December, unchanged from the 22-month high recorded in the previous month.

In earnings news, Magna International Inc. (MG.TO) reported a net income of $271 million for the quarter ended December 2023, compared to net income of $95 million in the corresponding quarter of the previous year.

Saputo Inc. (SAP.TO) reported that its net loss for the third quarter of fiscal 2024 was C$124 million, compared to net earnings of C$179 million for the same quarter last fiscal year. Adjusted net earnings for the third quarter of fiscal 2024 totalled C$163 million, down 26.2% from C$221 million for the same quarter last fiscal year.

Fortis Inc. (FTS,FTS.TO) reported fourth quarter net earnings of C$381 million, or C$0.78 per share, compared to C$370 million or C$0.77 per share for the same period in 2022.

TELUS Corporation (T.TO) reported fourth-quarter operating revenues and adjusted EBITDA growth of 2.6% and 9.4%, respectively. The company's fourth-quarter net income was up 17% from a year ago.

After a weak start and a subsequent sharp fall Thursday morning, the Canadian market recovered slowly as the day progressed, but still ended the session on a negative note as losses in communications and utilities sectors offset gains in energy, technology and realty sections.

Uncertainty about the outlook for U.S. interest-rate trajectory, and some disappointing earnings updates weighed on the market.

The benchmark S&P/TSX Composite Index, which dropped to 20,794.59 around late morning, losing about 175 points in the process, ended the session with a loss of 49.54 points or 0.24% at 20,919.64.

Asian stocks ended mixed in thin trade Friday, with markets in China, Indonesia, Taiwan and South Korea closed for public holidays.

Gold held steady in Asian trade and the dollar traded higher as investors awaited annual revisions to monthly U.S. inflation data, due later in the day for clues to the Federal Reserve's progress in taming consumer prices.

European stocks are subdued in cautious trade amid rising geopolitical tensions in the Middle East, uncertainty about Fed interest rates, and mixed earnings updates.

In economic news, Germany's consumer price index increased 2.9% in January, slower than the 3.7% rise in December, data from Destatis showed.

In commodities, West Texas Intermediate Crude oil futures are up $3.95 or 5.46% at $76.23 a barrel.

Gold futures are down $1.70 or 0.08% at $2,046.20 an ounce, while Silver futures are up $0.124 or 0.46% at $22.760 an ounce.

Sensex, Nifty Deep In The Red On Tariff Worries

Indian shares opened on a sluggish note on Tuesday after the Trump administration officially issued a notice regarding the imposition of an additional 25 percent tariffs on Indian imports, with the punitive duties set to kick in at 12:01 am (EST) on August 27.

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Australian Market Extends Early Losses In Mid-market

The Australian stock market is extending its early losses in mid-market trading on Tuesday, giving up the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,950 level, with weakness in iron ore miners and a mixed performance across most other sectors.

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Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, as traders looked to cash in on the recent strong gains and remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the US Fed's preferred readings on consumer price inflation. Asian markets closed mostly higher on Monday.

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Sensex, Nifty Seen Lower As US Notifies India Of Additional Tariffs

Indian shares may open on a weak note on Tuesday as enthusiasm over potential Federal Reserve rate cuts faded and caution set in ahead of the release of crucial U.S. inflation data as well as Nvidia quarterly results.

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Lower Open Called For Thai Stock Market

The Thai stock market has finished higher in two straight sessions, collecting almost 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,260-point plateau although it figures to open in the red on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japanese Market Significantly Lower

The Japanese stock market is trading significantly lower on Tuesday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 42,400 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.

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Indonesia Bourse May Hand Back Monday's Gains

The Indonesia stock market on Monday wrote a finish to 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 7,925-point plateau although it's looking at a soft start on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 3h 54minuter sedan

EURUSD	1.16322	GBPUSD	1.34555	AUDUSD	0.64785
USDJPY	147.781	USDCAD	1.38549	USDCHF	0.80552