Bay Street Likely To Open On Positive Note

RTTNews | 137 days ago

(RTTNews) - Higher crude oil and bullion prices point to a positive start for the Canadian market on Thursday. Investors are likely to track quarterly earnings updates from Canadian and U.S. companies.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $762 million for the quarter ended September 30, 2024, compared with $679 million in the year-ago quarter.

FirstService Corporation (FSV.TO) reported operating earnings of $125.9 million for the third-quarter of this financial year, up from $73.6 million in the year-ago quarter.

Mullen Group (MTL.TO) reported a net income of $38.3 million for the quarter ended September 30, 2024, compared with $39.1 million a year ago.

Celestica Inc (CLS.TO) reported revenue of $2.50 billion for the third quarter of 2024, up 22% from $2.04 billion in the corresponding quarter of the previous year.

The Canadian market ended weak on Wednesday, hurt by losses in technology, energy and materials stocks. Despite the Bank of Canada's decision to cut interest rates by 50 basis points, the mood in the market remained bearish amid concerns about the outlook for economic growth and due to persisting Middle East tensions.

The benchmark S&P/TSX Composite Index ended down 143.08 points or 0.58% at 24,573.62, about 20 points off the day's low of 24,453.40. The index remained in negative territory right through the day's session.

The Canadian central bank cut rates by a half point today, as widely expected, reducing its target for the overnight rate by 50 basis points to 3.75%, with the Bank Rate at 4% and the deposit rate at 3.75%.

Asian stocks ended mostly lower on Thursday as rising yields on uncertainty over the U.S. election outcome weighed on the tech sector. Tesla's forecast-beating earnings provided some comfort for investors, helping limit regional losses.

European stocks are up in positive territory, reacting to strong earnings from a slew of companies, and dovish comments from Bank of England Governor Andrew Bailey.

In commodities, West Texas Intermediate crude oil futures are up $0.50 or 0.7% at $71.27 a barrel.

Gold futures are gaining $20.50 or 0.75% at $2,749.90 an ounce, while Silver futures are up $0.421 or 1.25% at $34.260 an ounce.

Sensex, Nifty Decline On Growth Worries; IndusInd Bank And IT Stocks Hit Hard

Indian shares were subdued on Tuesday on concerns about U.S. President Donald Trump's flip-flop tariff policy and its impact on inflation, interest rates and global growth.

RTTNews | 4h 46min ago

Asian Markets A Sea Of Red

Asian stock markets are a sea of red on Tuesday, following the broadly negative cues from Wall Street overnight, amid increasing worries the U.S. is headed for a recession and concerns over the health of the world economy following the likely impact of President Donald Trump's tariffs and trade policies. Asian markets closed mostly higher on Monday.

RTTNews | 5h 57min ago

Australian Market Trims Early Losses In Mid-market

The Australian stock market is trimming its early losses in mid-market trading on Tuesday, but extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 7,900 level, with weakness is mining and technology stocks partially offset by gains in energy and financial stocks.

RTTNews | 6h 29min ago

Sensex, Nifty Set To Fall In Global Rout

Indian shares may follow global peers lower on Tuesday amid growing concerns about a potential U.S. recession.

RTTNews | 6h 43min ago

Lower Open Called For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day slide in which it had tumbled almost 40 points or 3.2 percent. The Stock Exchange of Thailand now sits just above the 1,175-point plateau and it figures to see continued consolidation on Tuesday.

RTTNews | 7h 14min ago

Losses May Accelerate For Indonesia Stock Market

The Indonesia stock market on Monday ended the three-day winning streak in which it had surged more than 350 points or 5.4 percent. The Jakarta Composite Index now sits just beneath the 6,600-point plateau and it may extend its losses on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well.

RTTNews | 7h 44min ago

Japanese Market Sharply Lower, Down 2.6%

The Japanese stock market is trading sharply lower on Tuesday, reversing the gains in the previous session, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling well below the 36,100 level, with weakness across most sectors led by index heavyweights, exporters and technology stocks.

RTTNews | 7h 46min ago

Hong Kong Stock Market May Take Further Damage On Tuesday

The Hong Kong stock market has moved lower in consecutive trading days, stumbling almost 600 points or 2.6 percent along the way. The Hang Seng Index now rests just above the 23,780-point plateau and it figures to open under pressure again on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well. The Hang Seng finished sharply lower on Monday following losses among the financial shares, property stocks and technology companies. For the day, the index plunged 447/81 points or 1.85 percent to finish at 23,783.49 after trading between 23,632.42 and 24,292.80. Among the actives, Alibaba Group stumbled 3.93 percent, while Alibaba Health Info surged 3.25 percent, ANTA Sports slumped 2.09 percent, China Life Insurance and CITIC both fell 0.63 percent, China Mengniu Dairy slid 0.42 percent, China Resources Land retreated 2.63 percent, CNOOC advanced 0.91 percent, CSPC Pharmaceutical sank 1.24 percent, Galaxy Entertainment shed 1.23 percent, Hang Lung Properties added 0.45 percent, Henderson Land eased 0.22 percent, Hong Kong & China Gas rose 0.32 percent, Industrial and Commercial Bank of China lost 0.89 percent, JD.com plunged 4.59 percent, Lenovo dropped 1.58 percent, Li Auto dipped 0.36 percent, Li Ning tanked 4.50 percent, Meituan plummeted 4.69 percent, New World Development soared 2.83 percent, Nongfu Spring declined 2.41 percent, Techtronic Industries skidded 1.65 percent, Xiaomi Corporation tumbled 2.76 percent and WuXi Biologics and Haier Smart Home were unchanged.

RTTNews | 7h 59min ago

EURUSD	1.0847	GBPUSD	1.28864	AUDUSD	0.62672
USDJPY	147.022	USDCAD	1.44362	USDCHF	0.87935

Advertisement

Bay Street Likely To Open On Positive Note