Bay Street Likely To Open On Positive Note

RTTNews | 41 days ago

(RTTNews) - The Canadian market is likely to open higher on Thursday, tracking positive European markets and slightly higher commodity prices. Investors will also be reacting to the European Central Bank's decision to lower interest rates.

Canopy Growth Corporation (WEED.TO) announced today that it has made early prepayment on its senior secured term loan equal to $100 million at a discounted price of $97.5 million. Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million.

BRP Inc. (DOO.TO) announced today that it will sell its Marine businesses namely Alumacraft, Manitou, Telwater, and Marine parts, accessories and apparel. BRP said this process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.

The Canadian market recorded new intraday and closing highs on Wednesday thanks to strong gains in utilities, healthcare and financial sectors. The mood was positive on expectations of a larger interest rate cut by the Bank of Canada next week.

The benchmark S&P/TSX Composite Index, which climbed to a high of 24,603.11, settled at 24,561.20 with a gain of 122.12 points or 0.5%.

Asian stocks ended mixed on Thursday, with Chinese and Hong Kong markets giving up early gains to end sharply lower after China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale.

The measures included expanding a "white list" of housing projects eligible for financing and increasing bank lending for such developments to 4 trillion yuan.

The briefing from China's housing minister lacked substantial new measures, leaving investors skeptical regarding further economic growth ahead of third quarter GDP data due on Friday.

European stocks are notably higher. The European Central Bank (ECB) today cut its key interest rate to 3.25%, in its third quarter-percentage-point reduction of the year. The move marks the first time the central bank has reduced rates at consecutive meetings since December 2011.

In commodities, West Texas Intermediate Crude oil futures are up $0.07 at $70.46 a barrel.

Gold futures are gaining $6.00 or 0.22% at $2,697.30 an ounce, while Silver futures are down slightly at $31.965 an ounce.

U.S. Pending Home Sales Unexpectedly Increase In October

The National Association of Realtors released a report on Wednesday unexpectedly showing a continued increase by U.S. pending home sales in the month of October. NAR said its pending home sales index jumped by 2.0 percent to 77.4 in October after soaring by 7.5 percent to an upwardly revised 75.9 in September. Economists had expected pending home sales to pull back by 1.3 percent.

RTTNews | 5h 35min ago

U.S. Consumer Price Growth Matches Estimates In October

A closely watched report released by the Commerce Department on Wednesday showed consumer prices in the U.S. increased in line with expectations in the month of October. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in October, matching the uptick seen in September as well as economist estimates.

RTTNews | 5h 38min ago

Chicago Business Barometer Unexpectedly Edges Lower In November

A report released by MNI Indicators on Wednesday showed an unexpected decreased by its reading on Chicago-area business activity in the month of November. MNI Indicators said its Chicago business barometer slipped to 40.2 in November from 41.6 in October, with a reading below 50 indicating contraction. Economists had expected the Chicago business barometer to rise to 44.7.

RTTNews | 5h 55min ago

U.S. Economic Growth Unrevised At 2.8% In Third Quarter

The jump by U.S. economic activity in the third quarter was unrevised compared to the previous estimate, according to a report released by the Commerce Department on Wednesday. The Commerce Department said gross domestic product surged by 2.8 percent in the third quarter, unchanged versus the "advance" estimate issued last month.

RTTNews | 6h 9min ago

U.S. Durable Goods Orders Rise 0.2% In October, Less Than Expected

The Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods increased by less than expected in the month of October. The report said durable goods orders crept up by 0.2 in October after falling by a revised 0.4 percent in September. Economists had expected durable goods orders to climb by 0.5 percent.

RTTNews | 6h 12min ago

U.S. Consumer Prices Rise In Line With Estimates In October

A closely watched report released by the Commerce Department on Wednesday showed consumer prices in the U.S. increased in line with estimates in the month of October.

RTTNews | 6h 15min ago

U.S. Weekly Jobless Claims Unexpectedly Edge Lower Once Again

A report released by the Labor Department on Wednesday showed first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended November 23rd. The Labor Department said initial jobless claims dipped to 213,000, a decrease of 2,000 from the previous week's revised level of 215,000. Economists had expected jobless claims to rise to 217,000.

RTTNews | 6h 38min ago

U.S. Q3 GDP Growth Unrevised At 2.8%

The jump by U.S. economic activity in the third quarter was unrevised compared to the previous estimate, according to a report released by the Commerce Department on Wednesday.

RTTNews | 7h 52min ago

EURUSD	1.05644	GBPUSD	1.26716	AUDUSD	0.64908
USDJPY	151.03	USDCAD	1.40213	USDCHF	0.88151