Bay Street Likely To Open With Slightly Negative Bias

RTTNews | 150 hari yang lalu
Bay Street Likely To Open With Slightly Negative Bias

(RTTNews) - Canadian shares may open with a negative bias Monday morning, tracking weak European stocks and lower bullion prices. With the Federal Reserve's monetary policy announcement, and crucial U.S. consumer price inflation data due later in the week, the mood is likely to remain cautious.

The Fed is unlikely to make any change in interest rate, but the bank's accompanying statement is in focus for clues about future policy stance.

Africa Oil Corp. (AOI.TO) announced that it acquired 994,000 common shares last week under its previously announced buyback program. The company will cancel all the shares repurchased under the buyback program.

The Canadian market ended notably lower on Friday, hurt by sharp losses in materials and real estate sectors. Fading hopes of a rate cut by the Federal Reserve in September following data showing a stronger than expected growth in U.S. non-farm payroll employment weighed as well.

The benchmark S&P/TSX Composite Index ended down by 222.10 points or 1% at 22,007.00, slightly off the day's low of 22,002.68. The index, which opened about 90 points down, stayed in negative territory right through the day's session. The index shed about 1.2% in the week.

Data from Statistics Canada showed employment in Canada rose by 26,700 jobs in May 2024, following an addition of 90,400 increase in the previous month and surpassing forecasts of 22,500.

The unemployment rate in Canada rose to 6.2% in May from 6.1% in the earlier month, the highest since October of 2021.

Asian stocks ended mostly lower in thin trade on Monday, with markets in China, Hong Kong and Australia closed for public holidays. The dollar rose in international markets as the euro collapsed dramatically in the wake of political upheaval in France following President Emmanuel Macron's demand for an early legislative election.

The major European markets are down firmly in negative territory with French stocks coming under heavy selling pressure, after President Emmanuel Macron called for snap legislative elections later in June, following the European Union elections showing a broader shift towards right-wing and far-right parties.

In commodities, West Texas Intermediate crude oil futures are up $0.22 or 0.29% at $75.75 a barrel.

Gold futures are down $0.700 or 0.3% at $2,318.00 an ounce, while Silver futures are gaining $0.430 or 1.46% at $29.870 an ounce.

read more
U.S. Wholesale Inventories Dip Slightly More Than Expected In September

U.S. Wholesale Inventories Dip Slightly More Than Expected In September

The Commerce Department released a report on Thursday showing wholesale inventories in the U.S. fell by slightly more than expected in the month of September. The report said wholesale inventories slipped by 0.2 percent in September after rising by 0.2 percent in August. Economists had expected wholesale inventories to edge down by 0.1 percent.
RTTNews | 6j 34min yang lalu
U.S. Labor Productivity Surges 2.2% In Q3, Slightly Less Than Expected

U.S. Labor Productivity Surges 2.2% In Q3, Slightly Less Than Expected

Labor productivity in the U.S. increased by slightly less than expected in the third quarter, according to a report released by the Labor Department on Thursday, while unit labor costs rose by much more than expected. The Labor Department said labor productivity shot up by 2.2 percent in the third quarter after surging by a downwardly revised 2.1 percent in the second quarter.
RTTNews | 6j 42min yang lalu
U.S. Weekly Jobless Claims Rebound Modestly From Five-Month Low

U.S. Weekly Jobless Claims Rebound Modestly From Five-Month Low

A report released by the Labor Department on Thursday showed a modest rebound by first-time claims for U.S. unemployment benefits in the week ended November 2nd. The Labor Department said initial jobless claims crept up to 221,000, an increase of 3,000 from the previous week's revised level of 218,000. The uptick came a week after jobless claims dropped to their lowest level since May.
RTTNews | 6j 46min yang lalu
Bank Of England Cuts Rate By 25 Bps; Future Easing To Be Gradual

Bank Of England Cuts Rate By 25 Bps; Future Easing To Be Gradual

The Bank of England reduced its benchmark rate for the second time this year citing continued progress in disinflation but suggested that further easing is set to be gradual as the last week's budget has upward impact on inflation. The Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.
RTTNews | 7j 54min yang lalu
U.S. Weekly Jobless Claims Inch Up To 221,000

U.S. Weekly Jobless Claims Inch Up To 221,000

A report released by the Labor Department on Thursday showed a modest rebound by first-time claims for U.S. unemployment benefits in the week ended November 2nd.
RTTNews | 8j 16min yang lalu
ArcelorMittal Stock Up On Demand Growth View, Despite Weak Q3

ArcelorMittal Stock Up On Demand Growth View, Despite Weak Q3

ArcelorMittal S.A. Thursday reported sharply lower profit in its third quarter as revenues were hit by weak production, shipments and steel prices. Going ahead, the company projects increased demand in the second half as well as over the medium/long-term. The steel major's shares were gainig around 6 percent on the Amsterdam trading, and around 5 percent in the pre-market activity on the NYSE.
RTTNews | 8j 32min yang lalu
Bay Street May Open Higher; Fed Policy Announcement In Focus

Bay Street May Open Higher; Fed Policy Announcement In Focus

Canadian shares may open higher Thursday morning, tracking largely positive European stocks, but weak commodity prices could weigh on energy and materials sectors and limit market's upside. The focus will be on the Federal Reserve's policy announcement later in the day.
RTTNews | 8j 56min yang lalu