Bay Street Seen Opening Lower; Inflation Data Eyed

RTTNews | 1140天前

(RTTNews) - Lower Canadian and U.S. futures indicate a weak start for the Canadian market on Wednesday. Inflation data for the month of May is expected to significantly impact stock price movements.

Canadian inflation data for May is due at 8:30 AM ET. Canada's annual inflation rate quickened to 6.8% in April of 2022, the highest since January of 1991 and slightly above market expectations of 6.7%.

Core consumer prices in Canada increased 5.7% year-on-year in April of 2022, the most on record. On a monthly basis, consumer prices increased 0.7% in April, slowing from a 1% rise in the prior month.

In company news, Empire Company Limited (EMP.A.TO) reported earnings per share of $0.68 for the fourth quarter of financial year 2022, compared to $0.64 in the fourth quarter of the previous financial year.

The market will also be eyeing the Federal Reserve Chairman Jerome Powell's testimony before the Senate about the state of the economy this morning, for clues about the central bank's future monetary policy stance. The Fed raised interest rates by 75 basis points last week and signaled more hikes in the coming months.

Investors are also likely closely follow the developments regard to President Joe Biden's take on the federal tax on gasoline. According to reports, Biden might temporarily suspend the 18.4-cents a gallon federal tax on gasoline.

The Canadian market ended on a positive note on Tuesday, led by gains in energy stocks. The benchmark S&P/TSX Composite Index rose 73.66 points or 0.4% to 19,257.29 continuing to regain ground after ending last Friday's trading at its lowest closing level in over a year.

Asian stocks ended broadly lower on Wednesday despite as inflation and interest-rate concerns took center stage ahead of congressional testimony by Fed Chair Jerome Powell.

European stocks down firmly in negative territory amid rising worries about inflation and interest rate hikes.

In commodities trading, West Texas Intermediate Crude oil futures are down $5.65 or 5.16% at $103.87 a barrel.

Gold futures are up slightly at $1,839.00 an ounce, while Silver futures are down $0.333 or 1.52% at $21.425 an ounce.

Sensex, Nifty Likely To Open On Flat Note On Tariff Worries

Indian shares look set to open on a flat note Wednesday as investors react to U.S. President Donald Trump's latest tariff threats and await the Reserve Bank of India's policy announcement, with investors expecting a rate pause and dovish signals to offset rising external risks.

RTTNews | 10分钟前

Lower Open Called For Thai Stock Market

The Thai stock market has moved higher in back-to-back sessions, gathering almost 30 points or 2.5 percent along the way. The Stock Exchange of Thailand now sits just above the 1,245-point plateau and it's expected to open under pressure on Wednesday.

RTTNews | 43分钟前

Japanese Market Slightly Higher

The Japanese stock market is slightly higher on Wednesday after opening well in the red, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving well above the 40,550 level, with gains in automakers, exporters and financial stocks partially offset by weakness in technology stocks.

RTTNews | 1小时5分钟前

Indonesia Stock Market May Open In The Red On Wednesday

The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had dropped almost 140 points or 1.9 percent. The Jakarta Composite Index now sits just above the 7,515-point plateau and it may hand back Tuesday's gains on Wednesday.

RTTNews | 1小时13分钟前

Australian Market Notably Higher

Australian shares are trading notably higher on Wednesday, adding to the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 8,800 level, despite the broadly negative cues from Wall Street overnight, with gains across most sectors led by mining and financial stocks.

RTTNews | 1小时26分钟前