Bay Street May Open Lower On Weak Commodity Prices

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(RTTNews) - Weak crude oil and bullion prices are likely to weigh down the Canadian market Wednesday morning. The focus will be earnings updates from major banks, and key economic data including U.S. inflation readings, Canadian GDP and manufacturing activity data, due this week.

Royal Bank of Canada (RY.TO) reported net income of $3.6 billion for the quarter ended January 31, 2024, up $449 million or 14% from the prior year. Adjusted net income was $4.1 billion in the first quarter, down 5% from a year ago.

National Bank of Canada (NA.TO) reported first-quarter net income of $922 million, up 5% from $876 million in the first quarter of 2023. First-quarter diluted earnings per share stood at $2.59 compared to $2.47 in the first quarter of 2023.

George Weston Ltd (WN.TO) reported adjusted net earnings of $342 million for the fourth quarter of 2023, down $27 million or 7.3% from the year-ago quarter.

MDA Ltd. (MDA.TO) reported fourth-quarter earnings of C$13.5 million, up from C$8.8 million in the year-ago quarter. The company expects revenue of C$205 million to C$215 million in the first quarter of the current year.

On the economic front, Canadian current account data for the fourth quarter of 2023 is due at 8:30 AM ET.

A report an average weekly earnings in Canada for the month of December is also due at 8:30 AM ET.

The Canadian market ended slightly down on Tuesday after a somewhat lackluster session as investors refrained from making significant moves while awaiting some key economic data.

The benchmark S&P/TSX Composite Index ended down 5.41 points or 0.03% at 21,318.90 after staying in negative territory right through the day's session.

Asian stocks ended mixed on Wednesday as worries over rate cuts persisted, and investors awaited the release of U.S. and Eurozone inflation readings as well as Chinese PMI data this week for near-term direction.

European stocks are broadly lower with investors reacting to a slew of earnings updates, and awaiting crucial U.S. and Eurozone inflation readings, and Chinese PMI data.

In commodities, West Texas Intermediate Crude oil futures are down $0.81 or 1.01% at $78.06 a barrel.

Gold futures are down $6.80 or 0.33% at $2,037.30 an ounce, while Silver futures are lower by $0.182 or 0.81% at $22.350 an ounce.

Indian Shares Edge Higher In Cautious Trade

Indian shares inched higher on Monday, with underlying sentiment supported by a resounding victory for the BJP-led NDA in the Bihar elections and optimism surrounding a potential India-U.S. trade deal.

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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 Monday, adding to the losses in the previous four sessions, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling to near the 8,600.00 level, with weakness in financial stocks and mixed performance across most other sectors.

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Asian Markets Trade Mixed

Asian stock markets are trading mixed on Monday, following the mixed cues from Wall Street on Friday, amid renewed uncertainty about the outlook for interest rates, the lofty valuation in the tech sector and the U.S. economic outlook. Asian markets closed mostly lower on Friday.

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Indian Shares Set To Open On Firm Note

Gift Nifty futures indicate a positive opening for Indian markets as a resounding victory for the BJP-led NDA in the Bihar elections added to stability to the coalition government at the Centre.

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Lower Open Called For Thai Stock Market

The Thai stock market headed south again on Friday, one day after ending the two-day slide in which it had given up more than 20 points or 1.6 percent. The Stock Exchange of Thailand now sits just beneath the 1,270-point plateau and it's expected to see continued consolidation on Monday.

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Indonesia Shares May Take Further Damage On Monday

The Indonesia stock market has finished lower in back-to-back sessions, falling almost 20 points or 0.3 percent along the way. The Jakarta Composite Index now sits just above the 8,370-point plateau and it's likely to open under water again on Monday.

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Japanese Market Modestly Lower

The Japanese stock market is trading modestly lower on Monday, extending the sharp losses in the previous session, following the mixed cues from Wall Street on Friday, with the Nikkei 225 falling below the 50,200 level, with weakness exporter and automaker stocks as well as a mixed performance across most other sectors.

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Hong Kong Bourse Tipped To Open In The Red

The Hong Kong stock market on Friday wrote a finish to the four-day winning streak in which it had rallied almost 825 points or 3.5 percent. The Hang Seng Index now rests just above the 26,570-point plateau and it may take further damage on Monday.

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EURUSD	1.16013	GBPUSD	1.315	AUDUSD	0.65225
USDJPY	154.652	USDCAD	1.40329	USDCHF	0.79497