Bay Street Seen Opening On Weak Note

RTTNews | 691 gün önce

(RTTNews) - The Canadian market is headed for a weak start on Thursday, tracking lower crude oil prices and weak Asian and European stocks amid concerns about growth and the ongoing conflict in the Middle East.

The European Central Bank has ended its run of interest rate hikes, despite new upside risks to inflation from oil markets amid the Israel-Hamas war.

The ECB's policy announcement, and crucial U.S. economic data are also likely to make a significant impact on price movements in the Canadian market.

In Canadian earnings news, FirstService Corporation (FSV.TO) reported consolidated revenues of $1.12 billion for the third-quarter, up 16% compared to the year-ago quarter.

Canadian Utilities Limited (CU.TO) reported third quarter 2023 adjusted earnings of $87 million ($0.32 per share), compared to $120 million ($0.45 per share) in the third quarter of 2022.

ATCO Ltd. (ATCO.TO) reported third quarter 2023 adjusted earnings of $81 million ($0.71 per share), compared to $87 million ($0.76 per share) in the year-ago quarter.

Precision Drilling Corporation (PD.TO) reported third-quarter net earnings of $20 million or $1.45 per share compared to $31 million or $2.26 per share in the corresponding quarter last year.

On the economic front, a report from the Canadian Federation of Independent Business showed Canada's CFIB Business Barometer long-term optimism index fell for the second straight month to 47.2 in October 2023 from 48.7 in the prior month. It was the lowest reading since April 2020.

Data on average weekly earnings for the month of August, and preliminary reading for manufacturing sales in the month of September, are due at 8:30 AM ET.

Canadian stocks ended weak on Wednesday, extending losses to a sixth straight day, and the longest losing streak in four months, amid concerns about interest rates and the outlook for economic growth.

Worries about the conflict in the Middle East, and higher bond yields hurt as well.

The benchmark S&P/TSX Composite Index ended down 38.64 points or 0.2% at 18,947.85, the lowest close in 12 months.

The Bank of Canada decided to leave interest rate unchanged at 5%, but warned that it is prepared to raise policy rate further if needed as inflationary risks have increased.

Asian stocks declined on Thursday, tracking steep losses on Wall Street overnight on surging bond yields and mixed earnings news.

Investors also awaited cues from U.S. third-quarter gross domestic product data due later in the day before a Federal Reserve meeting next week.

European stocks are down in negative territory, weighed down by downbeat earnings from the likes of WPP, Unilever, Mercedes Benz and BNP Paribas added to concerns around elevated bond yields and the Middle East tensions.

In commodities, West Texas Intermediate Crude oil futures are down $2.47 or 2.89% at $82.92 a barrel.

Gold futures are down marginally at $1,994.70 an ounce, while Silver futures are gaining $0.068 or 0.3% at $23.075 an ounce.

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.

RTTNews | 2s 31 dakika önce

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.

RTTNews | 2s 46 dakika önce

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.

RTTNews | 3s 47 dakika önce

U.S. Homebuilder Confidence Holds Steady In September

Homebuilder confidence in the U.S. held steady in the month of September, according to a report released by the National Association of Home Builders on Tuesday. The report said the NAHB/Wells Fargo Housing Market Index came in at 32 in September, unchanged from August. Economists had expected the index to inch up to 33.

RTTNews | 4s 15 dakika önce

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.

RTTNews | 4s 32 dakika önce

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.

RTTNews | 4s 48 dakika önce

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.

RTTNews | 5s 14 dakika önce

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.

RTTNews | 6s 15 dakika önce

EURUSD	1.18648	GBPUSD	1.36438	AUDUSD	0.6683
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