Canadian Market Modestly Higher, Looks Set For Another Positive Close

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(RTTNews) - Despite paring some early gains, the Canadian market holds in positive territory Friday afternoon with stocks from real estate, healthcare and materials sectors staying firm thanks to sustained buying interest.

Technology stocks are also faring reasonably well. Consumer staples, industrials, energy and financials sectors are largely subdued.

The benchmark S&P/TSX Composite Index, which climbed to a fresh record high of 23,637.25 earlier in the session, was up 85.20 points or 0.36% at 23,560.34 a little while ago.

Telesat Corporation (TSAT.TO) is rising nearly 15%. Endeavour Mining (EDV.TO) is surging 8.5%. Kinaxis Inc (KXS.TO) is up 3.2%, while West Fraser Timber (WFG.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO) and Cargojet (CJT.TO) are up 2 to 2.2%.

Colliers International (CIGI.TO), Toromont Industries (TIH.TO) and FirstService Corporation (FSV.TO) are also notably higher.

Tecsys Inc (TCS.TO), Boyd Group Services (BYD.TO), Empire Company (EMP.A.TO), Cameco Corporation (CCO.TO), Intact Financial Corporation (IFC.TO) and National Bank of Canada (NA.TO) are down 1 to 2.5%.

Roots Corporation (ROOT.TO) is down 2.3%. The company reported a net loss of $5.2 million for the second quarter of its current financial year, compared to net loss of $5.3 million in the year-ago quarter.

On the economic front, data from Statistics Canada showed Canadian industries operated at 79.1% of their production capacity in the second quarter of 2024, up slightly from a revised 78.6% in the first quarter and above market estimates of 78.4%.

A separate data from Statistics Canada showed wholesale sales in Canada rose by 0.4% month-over-month in July 2024, contrasting with the preliminary estimate of a 1.1% drop and following a 0.6% decrease in the prior month.

Swiss Market Ends On Weak Note

The Switzerland market closed notably lower on Tuesday, in line with most of the major markets across Europe, as the mood remained cautious ahead of monetary policy announcements from the Federal Reserve and the Bank of England, due on Wednesday and Thursday, respectively.

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European Markets Close On Weak Note Ahead Of Fed, BoE Policy Decisions

European markets closed notably lower on Tuesday as investors, digesting a slew of economic data from the region, remained reluctant to pick up stocks ahead of Federal Reserve's interest rate decision due on Wednesday.

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U.S. Business Inventories Rise 0.2% In July, In Line With Estimates

The Commerce Department released a report on Tuesday showing business inventories in the U.S. increased in line with expectations in the month of July. The report said business inventories rose by 0.2 percent in July, matching the increase seen June as well as economist estimates.

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U.S. Homebuilder Confidence Holds Steady In September

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U.S. Industrial Production Unexpectedly Inches Slightly Higher In August

Industrial production in the U.S. unexpectedly edged slightly higher in the month of August, according to a report released by the Federal Reserve on Tuesday. The Fed said industrial production crept up by 0.1 percent in August after falling by a downwardly revised 0.4 percent in July. Economists had expected industrial production to slip by 0.1 percent.

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U.S. Import Prices Unexpectedly Increase In August

A report released by the Labor Department on Tuesday showed import prices in the U.S. unexpectedly increased in the month of August. The Labor Department said import prices rose by 0.3 percent in August after inching up by a downwardly revised 0.2 percent in July. Economists had expected import prices to edge down by 0.1 percent.

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Canadian Market Drifts Lower In Cautious Trade

The Canadian market is down in negative territory Tuesday morning, as data showing an increase in the nation's consumer price inflation dimmed the extent of rate cuts this year although the Canadian central bank is widely expected to lower interest rate by 25 basis points on Wednesday.

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U.S. Retail Sales Climb 0.6% In August, Much More Than Expected

The Commerce Department released a report on Tuesday showing retail sales in the U.S. rose by much more than expected in the month of August. The report said retail sales climbed by 0.6 percent in August, matching an upwardly revised increase in July. Economists had expected retail sales to inch up by 0.2 percent compared to the 0.5 percent growth originally reported for the previous month.

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EURUSD	1.18662	GBPUSD	1.36603	AUDUSD	0.66823
USDJPY	146.388	USDCAD	1.37488	USDCHF	0.78624