Bay Street Likely To Open Lower

RTTNews | 7h 12min ago

(RTTNews) - Lower Canadian and U.S. futures and weak metal prices point to a negative start on Bay Street Thursday morning.

The Canadian trade surplus widened to CAD 4.0 billion in January 2025, the largest since May 2022.

Canada's merchandise exports rose 5.5% to a record CAD 74.5 billion, while imports increased 2.3%, marking the fourth consecutive monthly rise for both.

The Ivey PMI reading for the month of February is due at 10 AM ET.

The Ivey Purchasing Managers Index in Canada dropped to 47.1 in January 2025, from 54.7 in December.

Canadian Natural Resources reported fourth quarter net earnings of C$1.14 billion compared to $2.63 billion, last year. Earnings per share was C$0.54 compared to C$1.21. Adjusted earnings per share declined to C$0.93 from C$1.17. Analysts on average expected the company to report profit per share of C$0.95, for the quarter. Analysts' estimates typically exclude special items.

The Canadian market closed on a strong note on Wednesday as stocks rallied on news the Trump administration is considering reducing the tariffs on Canadian and Mexican imports.

The mood remained positive following U.S. Secretary of Commerce Howard Lutnick hinting at some potential adjustments for U.S. tariffs on Canada and Mexico, noting that carve-outs for some industries are a possibility.

The benchmark S&P/TSX Composite Index ended with a gain of 298.82 points or 1.22% at 24,870.82.

Asian stocks advanced on Thursday after U.S. President Donald Trump exempted automakers from newly imposed tariffs on Mexico and Canada for one month, raising hopes for negotiations.

After opening higher, European stocks pared gains and are turning in a mixed performance with investors reacting to results, and taking some profits. The European Central Bank, as widely expected, has cut interest rates by 25 basis points today.

In commodities, West Texas Intermediate Crude oil futures are up $0.23 or 0.35% at $66.54 a barrel.

Gold futures are down $14.00 or 0.48% at $2,912.00 an ounce, while Silver futures are lower by $0.039 or 0.12% at $33.095 an ounce.

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 | 5h 12min ago

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 | 5h 40min ago

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 | 5h 44min ago

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 | 5h 54min ago

U.S. Trade Deficit Widens More Than Expected 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.

RTTNews | 7h 18min ago

U.S. Weekly Jobless Claims Dip More Than Expected

RTTNews | 7h 22min ago

Eurozone Retail Sales Fall Unexpectedly

Eurozone retail sales declined unexpectedly in January on non-food and auto fuel sales, official data showed on Thursday. Retail sales registered a monthly drop of 0.3 percent, confounding expectations for an increase of 0.1 percent. The statistical office revised up retail sales for December to nil growth from the initial estimate of 0.2 percent fall.

RTTNews | 7h 49min ago

Turkey Central Bank Slashes Rate By 250 Bps

Turkey's central bank lowered its benchmark rate for the third straight time on Thursday as the underlying trend of inflation softened. The Monetary Policy Committee, headed by Yasar Fatih Karahan, decided to reduce the policy rate to 42.5 percent from 45.0 percent, as widely expected. The bank had reduced the rate by 250 basis points each in December and January.

RTTNews | 8h 29min ago

EURUSD	1.0819	GBPUSD	1.28933	AUDUSD	0.63505
USDJPY	148.181	USDCAD	1.42681	USDCHF	0.88582

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Bay Street Likely To Open Lower