Canadian Market Down In Negative Territory Despite Soft Inflation Data

RTTNews | 708 dagar sedan

(RTTNews) - Despite soft inflation data, the Canadian market is down in negative territory a little past noon on Tuesday, weighed down by losses in consumer discretionary, industrials and utilities sectors.

Technology and consumer staples shares are also weak. Materials shares are gaining, lifted by higher bullion prices.

The benchmark S&P/TSX Composite Index is down 97.09 points or 0.48% at 20,149.38 a few minutes past noon.

Stelco Holdings (STLC.TO) is down 7.6%. George Weston (WN.TO) is down 4% after reporting a 31.4% drop in third quarter net earnings.

Bombardier Inc (BBD.B.TO), Magna International (MG.TO), Linamar Corporation (LNR.TO), Precision Drilling Corporation (PD.TO) and Waste Connections (WCN.TO) are down 3 to 4%.

BRP Inc (DOO.TO), Stantec Inc (STN.TO), Restaurant Brands International (QSR.TO) and WSP Global (WSP.TO) are lower by 1 to 2.5%.

Alamos Gold (AGI.TO), Eldorado Gold Corporation (ELD.TO), Osisko Gold Royalties (OR.TO) and Wheaton Precious Metals (WPM.TO) are up 3 to 5%.

Newmont Corporation (NGT.TO), Agnico Eagle Mines (AEM.TO), Sprott Inc (SII.TO), Cargojet Inc (CJT.TO) and Colliers International (CIGI.TO) are also notably higher.

Data from Statistics Canada showed the annual inflation rate in Canada fell to 3.1% in October of 2023 from 3.8% in the previous month. The result was softer than the Bank of Canada's forecast that inflation is likely to remain close to 3.5% through the middle of next year.

The core inflation rate fell slightly to 2.7%, while the closely-watched trimmed-mean core rate dropped to 3.5%, compared to expectations of 3.7%. From the previous month, consumer prices edged 0.1% higher.

Meanwhile, new home prices in Canada fell by 0.8% from the previous year in October, following a 1% drop in September and marking the seventh consecutive decrease since November 2019.

New home prices in Canada remained unchanged month-on-month in October 2023, following a 0.2% drop in September and in line with market forecasts.

U.S. Pending Home Sales Unexpectedly Unchanged In September

After reporting a sharp increase by pending home sales in the U.S. in the previous month, the National Association of Realtors released a report on Wednesday showing pending home sales unexpectedly came in flat in the month of September. NAR said its pending homes sales index was unchanged at 74.8 in September after surging by 4.2 percent in August.

RTTNews | 1h 6minuter sedan

Bank Of Canada Cuts Interest Rates By Another Quarter Point

The Bank of Canada on Wednesday announced its widely expected decision to lower interest rates once again, cutting rates by a quarter point for the second consecutive meeting. The Canadian central bank said it reduced its target for the overnight rate by 25 basis points to 2.25 percent, with the Bank Rate at 2.5 percent and the deposit rate at 2.20 percent.

RTTNews | 1h 8minuter sedan

Bay Street Likely To Open Higher; BoC, Fed Rate Announcements Eyed

Canadian stocks are likely to open on a positive note on Wednesday, tracking firm oil and metal prices. Expectations of interest rate cuts by the Bank of Canada and the Federal Reserve may also contribute to a steady open on Bay Street.

RTTNews | 2h 45minuter sedan

FTSE 100 Advances As Miners, Pharma Stocks Rally

The U.K. market is up firmly in positive territory on Wednesday, led by gains in mining and pharmaceutical sectors, thanks to a rebound in metal prices and stronger than expected earnings from drug major GSK.

RTTNews | 3h 24minuter sedan

Pound Slides Amid UK Fiscal Concerns

The British pound weakened against other major currencies in the European session on Wednesday, as investors expect that UK Chancellor of the Exchequer Rachel Reeves will have to make tough decisions over where to raise taxes and reduce spending in the approaching Autumn Budget.

RTTNews | 3h 53minuter sedan

CAC 40 Flat In Cautious Trade Ahead Of Fed Rate Decision

French stocks are mostly subdued Wednesday morning with investors largely refraining from making significant moves while awaiting the Federal Reserve's monetary policy announcement later in the day, and looking ahead to the European Central Bank's rate decision and the meeting of U.S. President Donald Trump and his Chinese counterpart Xi Jinping on Thursday.

RTTNews | 4h 14minuter sedan

Sensex, Nifty End Higher Ahead Of Fed Decision

Indian shares eked out modest gains on Wednesday ahead of a Federal Reserve interest-rate cut expected later in the day.

RTTNews | 4h 53minuter sedan

DAX Moves In Tight Range; Earnings, Fed Policy Announcement In Focus

German stocks are turning in a mixed performance on Wednesday with investors mostly reacting to corporate earnings announcements and awaiting the Federal Reserve's interest rate decision due later in the day. The European Central Bank is scheduled to announce its monetary policy on Thursday.

RTTNews | 5h 15minuter sedan

EURUSD	1.16456	GBPUSD	1.3227	AUDUSD	0.66063
USDJPY	152.012	USDCAD	1.39003	USDCHF	0.79713