Canadian Shares Likely To Open On Positive Note

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(RTTNews) - Bay Street looks headed for a positive start on Thursday, tracking firm crude oil prices and rising expectations the Federal Reserve is nearing the end of its tightening cycle.

Canadian Imperial Bank of Commerce (CM.TO) posted net income of $1,430 million in the third quarter of the current financial year, compared to $1,666 million in the corresponding quarter last year.

Laurentian Bank (LB.TO) reported third-quarter net income of $49.3 million, compared to $55.9 million in the year-ago quarter.

On the economic front, data from the Canadian Federation of Independent Business showed Canada's CFIB Business Barometer long-term optimism index increased by 0.4 points from the previous month to 54.8 in August.

The Canadian market ended marginally up on Wednesday after a somewhat lackluster session. The benchmark S&P/TSX Composite Index ended with a gain of 39.91 points or 0.2% at 20,330.32, after scaling a low of 20,309.42 and a high of 20,403.36 intraday.

Despite easing concerns about U.S. interest rates after data showed a slowdown in private sector growth and a drop in second-quarter GDP growth, the mood in the Canadian market was a bit cautious with investors awaiting Canadian GDP data.

Asian stocks ended mixed on Thursday as investors digested key data from China and Japan and looked ahead to forthcoming inflation readings in Europe and the U.S. for additional clues on the outlook for interest rates.

Weak U.S. economic data released overnight dampened the dollar's strength while oil prices were little changed in Asian trade after climbing on Wednesday on bullish inventory data and hurricane jitters.

European stocks are broadly higher amid hopes that the Federal Reserve is nearing the end of its tightening cycle, and more stimulus measures from the Chinese government.

In commodities, West Texas Intermediate Crude oil futures are up $0.78 or 0.96% at $82.41 a barrel.

Gold futures are down $1.40 or 0.07% at $1,971.60 an ounce, while Silver futures are lower by $0.159 or 0.64% at $24.575 an ounce.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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EURUSD	1.16447	GBPUSD	1.32155	AUDUSD	0.65969
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