Bay Street Likely To Open On Weak Note

RTTNews | 818 gün önce

(RTTNews) - Canadian shares are likely to open on a negative note on Thursday, tracking a sell-off in European markets, and weak crude oil prices, amid rising concerns about the crisis in the financial sector.

Following the terrible collapse of Silicon Valley Bank and Signature Bank in the U.S., global stocks are taking a severe hammering now following reports about Swiss banking giant Credit Suisse's short-term debt woes.

Credit Suisse shares are plunging following Saudi National Bank saying it would not be able to offer more financial help. Several bank stocks in Europe, including BNP Paribas, Commerzbank, Societe Generale and Deutsche Bank suffered sharp losses this morning.

U.S. index futures are down sharply, and the Canadian S&P/TSX futures are falling as well, pointing to a weak opening on Bay Street.

The Canadian market ended on a firm note on Tuesday despite paring most of its early gains. The mood was positive as data showing U.S. consumer prices rising in line with expectations in February supported expectations for a smaller rate hike by the Federal Reserve this month.

The benchmark S&P/TSX Composite Index ended with a gain of 105.26 points or 0.54% at 19,694.16, snapping a three-day losing streak.

Asian stocks closed higher on Wednesday as data showing a recovery in China's economic activity helped outweigh concerns about U.S. bank contagion fears.

European stocks are plunging sharply with investors keeping a close eye on the developments surrounding the SVB crisis, and the debt woes of Swiss bank Credit Suisse.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.26 or 1.77% at $70.07 a barrel.

Gold futures are gaining $17.30 or about 0.91% at $1,928.20 an ounce, while Silver futures are up $0.290 or 1.3% at $22.330 an ounce.

Japan Producer Price Data Due On Wednesday

Japan will on Tuesday release May figures for producer prices, highlighting a light day for Asia-Pacific economic activity. In April, producer prices were up 0.2 percent on month and 4.0 percent on year.

RTTNews | 16 dakika önce

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | 2s 3 dakika önce

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | 2s 8 dakika önce

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | 2s 49 dakika önce

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | 4s 14 dakika önce

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | 4s 30 dakika önce

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | 5s 37 dakika önce

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | 6s 13 dakika önce

EURUSD	1.14284	GBPUSD	1.35023	AUDUSD	0.65237
USDJPY	144.856	USDCAD	1.36726	USDCHF	0.8226

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Bay Street Likely To Open On Weak Note