Bay Street Likely To Open On Cautious Note

RTTNews | 682 days ago

(RTTNews) - Data on Canada's GDP and U.S. personal income & spending are likely to set the trend for the Canadian market at the start on Friday. The mood is likely to remain a bit cautious.

Investors will continue to react to quarterly earnings updates from Canadian companies.

Data on Canada's GDP growth for the month of February is due at 8:30 AM ET. The Canadian economic activity likely increased by 0.3% over a month earlier in February 2023, according to preliminary estimates. In January, the GDP increased by 0.5%, following a slight 0.1% contraction in December.

In earnings news, TC Energy Corporation (TRP.TO) reported first-quarter net income of $1.3 billion or $1.29 per common share compared to $0.4 billion or $0.36 per common share in first quarter 2022.

Imperial Oil (IMO.TO) reported first-quarter net income of $1,248 million, compared with net income of $1,173 million in the year-ago quarter.

Cameco Corporation (CCO.TO) reported a net income of $119 million for the quarter ended March 31, 2023, compared with net income of $40 million a year ago.

After posting losses for three straight sessions, the Canadian market saw some sustained buying at several counters from across various sectors on Thursday to end the day's session on a firm note.

The benchmark S&P/TSX Composite Index ended with a gain of 155.92 points or 0.77% at 20,522.64 after scaling a low of 20,400.81 and a high of 20,546.69 intraday.

Asian stocks advanced on Friday after solid earnings from Meta Platforms boosted sentiment on Wall Street overnight.

European stocks are weak despite coming off lows. Data showing a slower pace of growth of the euro zone economy in the first quarter of the year is weighing on sentiment. Weak employment data from Germany and a rise in French consumer price inflation are also weighing on stocks.

In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.58% at $75.19 a barrel.

Gold futures are down $6.70 or 0.34% at $1,992.00 an ounce, while Silver futures are down $0.123 or 0.49% at $24.860 an ounce.

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 | 4h 25min 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 | 4h 39min 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 | 5h 10min 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 | 5h 40min 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 | 5h 42min 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 | 5h 55min ago

Australian Market Sharply Lower

The Australian stock market is trading sharply lower on Tuesday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 7,900 level, with weakness across most sectors led by mining and technology stocks.

RTTNews | 6h 6min ago

No Help Yet For China Stock Market

The China stock market has moved lower in two straight sessions, retreating almost 15 points or 0.5 percent in that span. The SCI now sits just above the 3,365-point plateau although it's looking at another soft start 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.

RTTNews | 6h 10min ago

EURUSD	1.08574	GBPUSD	1.2893	AUDUSD	0.6281
USDJPY	147.056	USDCAD	1.44189	USDCHF	0.87893

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Bay Street Likely To Open On Cautious Note