Bay Street Likely To Open Slightly Higher

RTTNews | hace 689

(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Monday, tracking higher bullion prices, and optimism about Chinese economy.

Uncertainty about U.S. interest rates and concerns about a potential recession later this year might limit market's upside.

In Canadian company news, Algonquin Power & Utilities Corp. (AQN.TO) reaffirmed its previously-disclosed fiscal 2023 estimate of adjusted net earnings per share for the 2023 fiscal year within a range of $0.55 to $0.61.

Meanwhile, American Electric Power announced that it has mutually agreed to terminate its previously announced deal to sell Kentucky operations, i.e., Kentucky Power Co. and AEP Kentucky Transmission Co., Inc., to Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp.

HLS Therapeutics Inc. (HLS.TO) announced the appointment of Craig Millian as Chief Executive Officer, effective May 1, 2023, concurrent with the retirement of Gilbert Godin.

The Canadian market ended mixed on Friday with investors largely staying cautious amid a bit of uncertainty about the Federal Reserve's interest rate moves.

Strong earnings updates from some top U.S. banks such as JP Morgan Chase and Wells Fargo aided sentiment.

The benchmark S&P/TSX Composite Index ended up 15.42 points or 0.07% at 20,579.91, the highest close since March 3. The index, which has now gained for the fourth straight week, added 1.9% in the week.

Asian markets gained on Monday amidst optimism on the Chinese economic scenario ahead of the release of key readings including GDP, industrial production, retail sales, unemployment rate etc. Dovish comments from Bank of Japan's Governor and People's Bank of China also supported sentiment.

The Chinese economy is expected to have grown 4% in the first quarter versus 2.9% earlier. Industrial production in March is seen rising to 4% from 2.4% in the previous period.

European stocks are turning in a mixed performance with investors looking ahead to more earnings updates from U.S. companies for more clarity on the state of the world's largest economy.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.44 or 0.55% at $82.08 a barrel.

Gold futures are gaining $6.00 or 0.3% at $2,021.80 an ounce, while Silver futures are up $0.080 or 0.31% at $25.540 an ounce.

ECB Lowers Rates, EZ Growth Outlook Amid Rising Uncertainty; Signals Pause Ahead

The European Central Bank cut its key interest rates for the fifth policy session in a row and also lowered the growth forecast for the euro area mainly due to prospects of weak exports and investment in the backdrop of high trade uncertainty amid the tariffs war, and signaled a pause in the easing cycle as policy is now deemed less restrictive.

RTTNews | hace 5h 11min

U.S. Wholesale Inventories Climb Slightly More Than Expected In January

A report released by the Commerce Department on Thursday showed wholesale inventories in the U.S. increased by slightly more than expected in the month of January. The Commerce Department said wholesale inventories climbed by 0.8 percent in January after falling by a revised 0.4 percent in February.

RTTNews | hace 5h 42min

U.S. Labor Productivity Jumps More Than Previously Estimated In Q4

Labor productivity in the U.S. grew by more than previously estimated in the fourth quarter of 2024, according to a report released by the Labor Department on Thursday. The report said labor productivity shot up by 1.5 percent in the fourth quarter compared to the previously reported 1.2 percent jump. Economists had expected the increase in labor productivity to be unrevised.

RTTNews | hace 6h 10min

U.S. Jobless Claims Dip More Than Expected To 221,000

With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended March 1st. The report said initial jobless claims dipped to 221,000, a decrease of 21,000 from the previous week's unrevised level of 242,000

RTTNews | hace 6h 14min

U.S. Trade Deficit Soars To Record High In January

Reflecting a spike by the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened by more than expected in the month of January. The Commerce Department said the trade deficit surged to a record high of $131.4 billion in January from a revised $98.1 billion in December.

RTTNews | hace 6h 24min