Canadian Market Up Nearly 1%, Looks Set To End On Firm Note

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(RTTNews) - The Canadian market is up firmly in positive territory Wednesday afternoon, led by strong gains in materials, technology, consumer discretionary and industrials sectors.

The mood remains positive following U.S. Secretary of Commerce Howard Lutnick hinting at some potential adjustments for U.S. tariffs on Canada and Mexico, noting that carve-outs for some industries are a possibility. "There are going to be tariffs, let's be clear," Lutnick reportedly told Bloomberg Wednesday morning in a live interview. "It will be 25% but.....there will be some categories left out; it could well be autos, could be others as well," he said.

The benchmark S&P/TSX Composite Index, which opened slightly weak, remained a bit sluggish till noon, and then climbed higher. The index was up 235.22 points or 0.95% at 24,807.22 a little while ago.

Ivanhoe Mines is rising 12.5%. Bombardier Inc. is up 10%, while First Quantum Minerals, Canadian Tire Corporation, Telesat Corporation, Teck Resources, Docebo Inc., Magna International, GFL Environmental and Lundin Gold are up 4.3 to 8%.

Cogeco Inc., Linamar Corporation, Aritzia Inc., Onex Corporation, goeasy, BRP Inc., Premium Brands Holdings, Cogeco Communications, Constellation Software, West Fraser Timber, Loblaw Companies and TC Energy Corp are up 2 to 4%.

NuVista Energy is gaining more than 2.5%. The company reported net earnings of $99.15 million for the quarter ended December 31, 2024, compared to $89.51 million in the year-ago quarter.

VersaBank (VBNK.TO) is plunging 13%. The bank reported net income of C$8.14 million for the quarter ended 31 January 2025, compared with net income of C$5.5 million in the corresponding quarter last year.

On the economic front, the S&P Global Canada Composite PMI declined to 46.8 in February 2025, down from 49.5 in January, marking the steepest contraction in private sector output since January 2024.

The S&P Global Canada Services PMI plummeted to 46.6 in February of 2025 from 49 in the previous month, contracting for the third consecutive month.

Productivity in Canada increased to 102.37 points in the fourth quarter of 2024 from 101.78 points in the third quarter of 2024, data from Statistics Canada said.

Euro Higher Against Majors

The euro appreciated against its major counterparts in the New York session on Friday.

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TSX Down Marginally In Lackluster Trade

Canadian stocks are turning in a mixed performance in somewhat lackluster trade on Friday, with investors focusing on the upcoming US - Russia summit that could help end the war in Ukraine.

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Swiss Market Ends On Firm Note

The Switzerland market ended on a firm note on Friday with stocks from across several sectors gaining ground on sustained buying support. The mood remained positive right through the day's session, amid some expectations about an end to the Ukraine war.

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European Stocks Close Mixed After Cautious Session

European stocks closed on a mixed note on Friday with investors largely staying cautious, awaiting the meeting of the Presidents of the U.S. and Russia, and continuing to assess Trump administration's tariff moves and their impact on global economic growth.

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U.S. Business Inventories Rise In Line With Estimates In June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

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U.S. Consumer Sentiment Unexpectedly Deteriorates In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.

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U.S. Industrial Production Pulls Back Slightly In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July. The Fed said industrial production edged down by 0.1 percent in July after climbing by an upwardly revised 0.4 percent in June. Economists had expected industrial production to come in unchanged.

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New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.

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