Canadian Stocks Climb Higher On Upbeat Earnings

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(RTTNews) - The Canadian market is up firmly in positive territory Thursday morning amid slightly easing concerns about the outlook for interest rates after data showed a slowdown in U.S. economic growth in the first quarter and an increase in jobless claims last week.

Upbeat second-quarter results from Royal Bank of Canada (RY.TO) has triggered strong buying in the banking sector, contributing to market's rise.

The benchmark S&P/TSX Composite Index was up 177.81 points or 0.81% at 22,075.79 about a few minutes ago.

Royal Bank of Canada (RY.TO) is up nearly 5%. The bank reported net income of $4.0 billion for the quarter ended April 30, 2024 , up $270 million or 7% from the prior year.

Canadian Imperial Bank of Commerce (CM.TO) is up 5% after reporting adjusted net income of $1,718 million for the second quarter, compared to $1,628 million a year ago.

EQB Inc (EQB.TO) is soaring nearly 8.5%. The company announced after trading hours on Wednesday that its second-quarter adjusted net income came in at $111 million, up 2% quarter on quarter, and up 8% on the year.

Canopy Growth Corporation (WEED.TO) is gaining nearly 4%. The company reported fourth-quater net loss of C$92.3 million, or C$1.03 a share, compared to net loss of C$640.1 million, or C$12.83 a share, in the year-ago quarter.

Utilities stocks Innergex Renewable Energy (INE.TO) is climbing 6.5%. Boralex (BLX.TO) is up 4.75%, while Brookfield Renewable Partners (BEP.UN.TO) and Brookfiled Infra Partners (BIP.UN.TO) are up 2.8% and 2.6%, respectively.

A report from the Canadian Federation of Independent Business said its business barometer in Canada, reflecting 12-month forward expectations for business performance in the country, climbed to 56.4 in May from an upwardly revised 47.6 in the prior month.

Revised data released by the Commerce Department on Thursday showed U.S. economic growth slowed by more than previously estimated in the first quarter of 2024. The Commerce Department said gross domestic product climbed by 1.3% in the first quarter compared to the previously reported 1.6% growth.

Meanwhile, first-time claims for U.S. unemployment benefits crept modestly higher in the week ended May 25th, according to a report released by the Labor Department.

Sensex, Nifty Seen Higher On Dovish Fed Comments

Indian shares are seen opening higher on Monday as traders react to Fed Chair Jerome Powell's dovish comments at the conference in Jackson Hole.

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Thai Shares Tipped To Open To The Upside On Monday

The Thai stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had slumped more than 40 points or 3.5 percent. The Stock Exchange of Thailand now sits just above the 1,250-point plateau and it's poised to extend its gains on Monday.

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Japanese Market Notably Higher

The Japanese stock market is trading notably higher on Monday, extending the gains in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving well above the 42,850 level, with gains across most sectors led by index heavyweights and technology stocks.

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Indonesia Stock Market May End Losing Streak On Monday

The Indonesia stock market has moved lower in two straight sessions, slipping almost 85 points or 1.1 percent along the way. The Jakarta Composite Index now sits just shy of the 7,860-point plateau although it's likely to stop the bleeding on Monday.

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Australian Market Notably Higher

The Australian stock market is notably higher on Monday, recouping the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 9,000.00 mark, with gains across most sectors led by mining and technology stocks. Financial stocks were the only weal spot.

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Hong Kong Shares Tipped To Open In The Green

The Hong Kong stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had fallen more than 480 points or 1.7 percent. The Hang Seng Index now rests just beneath the 25,340-point plateau and it's expected to open higher again on Monday.

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China Stock Market May Extend Winning Streak

The China stock market has moved higher in three straight sessions, advancing almost 100 points or 2.9 percent along the way. The Shanghai Composite Index now sits just above the 3,825-point plateau and it's expected to add to its winnings again on Monday.

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Rebound Anticipated For Taiwan Stock Market

The Taiwan stock market on Friday snapped the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 23,760-point plateau, although it's likely to bounce higher again on Monday.

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