Firm Commodity Prices Pointing To A Positive Start On Bay Street

RTTNews | 1060 gün önce

(RTTNews) - Canadian shares are likely to open higher Wednesday morning, tracking firm crude oil and bullion prices.

The focus will be on the Federal Reserve's policy announcement, due at 2 PM ET. The Fed is widely expected to hike interest rates by 75 basis points. Some analysts expect the rate to be hiked by as much as 1%.

CME Group's FedWatch Tool is currently indicating an 84% chance of a 75 basis points rate hike and a 16% chance of a 100 basis point rate hike.

Worries about geopolitical tensions might weigh a bit and limit market's upside. Russian President Vladimir Putin announced a partial military mobilization in the country, bringing geopolitical tensions to the forefront.

In a televised address, Putin said the partial mobilization of its 2 million-strong military reserves was to defend Russian territories, claiming the West wants to destroy Russia and did not want peace in Ukraine.

In Canadian company news, Teck Resources Limited (TECK_B.TO) said that there has been a structural failure of the plant feed conveyor belt at its Elkview steelmaking coal operation in the Elk Valley of British Columbia. It is expected that production at Elkview Operations will be interrupted for 1-2 months as repairs are implemented.

Teck expects the impact on 2022 steelmaking coal production will be in the range of 1.5 million tonnes, assuming a two-month suspension of plant operations.

Canadian stocks fell on Tuesday amid rising concerns about slowing growth and aggressive rate hikes by central banks. The benchmark S&P/TSX Composite Index ended the session with a loss of 193.69 points or 0.99% at 19,368.69.

Asian stocks closed lower on Wednesday after Russian President Vladimir Putin announced a partial military mobilization in the country, bringing geopolitical tensions to the forefront.

Worries about aggressive Federal Reserve policy tightening also kept investors on their toes ahead of the U.S. Federal Reserve's much-anticipated interest-rate decision later in the day.

The Asian Development Bank cut its economic growth forecast for China and also lowered its outlook for developing Asia, citing the Ukraine conflict.

European stocks are turning in a mixed performance in cautious trade with investors awaiting the Fed's rate decision and monitoring increased political tensions with Russia.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.63 or 1.93% at $86.08 a barrel.

Gold futures are gaining $12.50 or 0.75% at $1,683.50 an ounce, while Silver futures are up $0.382 or 1.99% at $19.565 an ounce.

Euro Higher Against Majors

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

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

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.

RTTNews | 1 gün önce

EURUSD	1.1698	GBPUSD	1.3551	AUDUSD	0.6504
USDJPY	147.18	USDCAD	1.38173	USDCHF	0.8063