Bay Street May Open With Positive Bias; US CPI Data In Focus

RTTNews | 5h 25minuter sedan

(RTTNews) - The Canadian market may open with a positive bias on Thursday, but weak commodity prices could weigh on energy and metal stocks. The focus is on U.S. consumer price inflation data for the month of August.

The consensus estimate shows that the headline CPI likely rose 2.9% from a year earlier in August, the fastest pace since January, while the core measure likely held at 3.1%.

The Labor Department data on Wednesday showed the producer price index for final demand in the U.S. edged down by 0.1% in August after climbing by a downwardly revised 0.7% in July.

The report also said the annual rate of producer price growth slowed to 2.6% in August from a downwardly revised 3.1% in July. Economists had expected the annual rate of producer price growth to remain unchanged compared to the 3.3% surge originally reported for the previous month.

The data added to recent optimism about the Federal Reserve lowering interest rates by at least a quarter point at its monetary policy meeting next week.

In company news, Magna International Inc. (MG.TO) said on Thursday it has appointed Philip D. Fracassa as Chief Financial Officer with immediate effect. He will succeed Patrick McCann, who will step down following a career spanning over 26 years with Magna.

The Canadian market closed modestly higher on Wednesday, lifted by optimism about interest rate cuts by the Bank of Canada and the Federal Reserve next week. Energy and materials stocks turned in a fine performance, contributing to market's firm close.

The benchmark S&P/TSX Composite Index ended with a gain of 116.38 points or 0.4% at 29,179.39, off a new record intraday high of 29,218.25.

Asian stocks ended mixed on Thursday as an unexpected dip by U.S. producer prices fueled hopes of Federal Reserve rate cuts and helped offset rising geopolitical tensions and widespread political turmoil in South Asia.

European stocks are up in positive territory this afternoon. The European Central Bank has left interest rates unchanged as widely expected.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.70 or 1.09% at $62.97 a barrel.

Gold futures are down $25.00 or 0.68% at $3,657.00 an ounce, while Silver futures are down $0.110 or 0.26% at 41.490 an ounce.

Swiss Market Ends Moderately Higher

The Switzerland market closed on a firm note on Thursday with several stocks gaining good ground in positive territory thanks to sustained buying support.

RTTNews | 14 minuter sedan

European Stocks Close On Firm Note On Fed Rate Cut Hopes

European stocks closed higher on Thursday as the latest data on U.S. consumer price inflation and unemployment claims boosted the prospects of a rate cut by the Federal Reserve next week. Investors also digested the European Central Bank's decision to hold rates.

RTTNews | 35 minuter sedan

TSX Continues To Climb New Highs As Rate Cut Hopes Rise

The Canadian market is up firmly in positive territory around noon on Thursday, led by strong gains in financials, real estate, consumer discretionary and industrials stocks. Rising prospects of a rate cut by the Federal Reserve following data showing the annual growth of consumer prices in the U.S. came in line with estimates, and signs of weakness in the labor market, help undermine sentiment.

RTTNews | 1h 34minuter sedan

ECB's Lagarde Says Eurozone Remains In "A Good Place", Risks More Balanced

European Central Bank President Christine Lagarde tread carefully on Thursday as she attempted to paint a rosier view for the euro area economy without dismissing the impact of the lingering uncertainty linked to the trade tariffs, the political turmoil in France and a stronger euro.

RTTNews | 1h 45minuter sedan

U.S. Jobless Claims Unexpectedly Climb To Nearly Four-Year High

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended September 6th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 263,000, an increase of 27,000 from the previous week's revised level of 236,000. Economists had expected jobless claims to edge down to 235,000.

RTTNews | 3h 55minuter sedan

U.S. Consumer Prices Climb 0.4% In August, Slightly More Than Expected

Following yesterday's report showing an unexpected dip by producer prices, the Labor Department released a separate report on Thursday showing U.S. consumer prices rose by slightly more than expected in the month of August. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.2 percent in July.

RTTNews | 4h 0minuter sedan

Turkish Central Bank Cuts Key Rates Sharply For Second Time

Turkey's central bank slashed its key interest rates for the second straight meeting on Thursday citing slowdown in the underlying trend of inflation. The Monetary Policy Committee of the Republic of Turkey decided to reduce the policy rate to 40.5 percent from 43.0 percent. Previously, the bank had reduced the rate by 300 basis points in July.

RTTNews | 4h 12minuter sedan

U.S. Weekly Jobless Claims Unexpectedly Climb To 263,000

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended September 6th, according to a report released by the Labor Department on Thursday.

RTTNews | 5h 12minuter sedan

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