Bay Street Likely To Open With Positive Bias

RTTNews | 7h 46min ago

(RTTNews) - Canadian shares may open with a positive bias on Tuesday, tracking higher crude oil and metal prices. The focus is on the U.S. Presidential election, and the upcoming monetary policy announcement from the Federal Reserve. Investors will also be reacting to a slew of earnings updates, and key economic data.

In earnings news, Thomson Reuters Corporation (TRI.TO) reported operating profit of $415 million for the third quarter ended September 30, 2024, compared with $441 million a year ago.

Fortis Inc (FTS.TO) announced that it posted net earnings of $420 million or $0.85 per common share in the third quarter of 2024, compared up $394 million, or $0.81 per shares in the corresponding quarter last year.

Colliers International Group Inc (CIGI.TO) reported operating earnings of $109.7 million for the quarter ended September 30, 2024, compared with $70.9 million in the year-ago quarter.

On the economic front, Canada's trade data for the month of September is due at 8:30 AM ET.

Data on Canadian manufacturing and services sector activity in the month of October are due at 9:30 AM ET.

The S&P Global Canada Composite PMI dropped to 47.0 in September 2024 from 47.8 in August, marking a deeper contraction in private sector activity for the fourth consecutive month.

The S&P Global Canada Services PMI fell to 46.4 in September 2024, down from 47.8 in August, indicating a sharper contraction in the services sector for the fourth consecutive month and marking the steepest decline since March.

After a weak start and a subsequent swift recovery that resulted in a brief spell in positive territory, the Canadian market fell into the red around late morning on Monday, and finally ended the day's session on a flat note.

The benchmark S&P/TSX Composite Index ended at 24,256.06, up less than a point from the previous close. The index, which climbed to 24,353.36 early morning, dropped to a low of 24,162.22 at noon.

Asian stocks ended mostly higher on Tuesday after Chinese Premier Li Qiang expressed confidence that his government can pull off an economic recovery. Additionally, a private survey showed China's services activity expanded at the fastest pace in three months in October.

European stocks are mostly subdued today with investors digesting mixed earnings updates and awaiting interest-rate decisions from the Bank of England and the Federal Reserve later this week.

In commodities, West Texas Intermediate crude futures are up $0.44 or 0.63% at $71.91 a barrel.

Gold futures are gaining $3.50 or 0.13% at $2,749.70 an ounce, while Silver futures are up $121 or 0.37% at $32.730 an ounce.

U.S. Trade Deficit Widens To Largest In Over Two Years In September

A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped. The Commerce Department said the trade deficit widened to $84.4 billion in September from a revised $70.8 billion in August.

RTTNews | 5h 58min ago

U.S. Trade Deficit Widens Significantly In September

A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped.

RTTNews | 6h 58min ago

UK Service Sector Logs Weakest Growth In Almost A Year

The UK service sector grew at the slowest pace since November last year as heightened uncertainty and concerns about the domestic economic outlook damped new work, the S&P Global purchasing managers' survey showed on Tuesday. The final services Purchasing Managers' Index registered 52.0 in October, down from 52.4 in September. The reading was above the initial estimate of 51.8.

RTTNews | 8h 4min ago

Spain Unemployment Rises In October

Joblessness in Spain increased in October but logged the smallest gain for the month since 2006 except for the pandemic years of 2021 and 2022, data from the labor ministry showed on Tuesday. The number of unemployed rose by 26,769 persons, which was a below average increase for the month of October. Economists were looking for an increase of 26,500 persons.

RTTNews | 8h 39min ago

Yen Falls Amid BoJ Rate Hike Uncertainty

The Japanese yen weakened against other major currencies during the European session on Tuesday, as traders remain cautious amid a rare political crisis following a Japanese snap election that raises doubts about the Bank of Japan's capacity to raise interest rates further and the U.S. election.

RTTNews | 9h 9min ago

Boeing Strike Ends As Machinists Accept New Contract

Nearly two months long strike at Boeing Co. has ended after a majority of around 33,000 frontline workers voted to approve a new contract that will deliver 43.65 percent compounded wage increase. Following the deal, Boeing shares were gaining around 1.91 percent in the pre-market activity on the NYSE to trade.

RTTNews | 9h 41min ago

Sensex, Nifty Follow Global Peers Higher; Metal Stocks Shine

Indian shares rose notably on Tuesday despite uncertainty surrounding the U.S. presidential election and continued foreign fund outflows.

RTTNews | 10h 11min ago

Yen Falls Against Majors

The Japanese yen weakened against other against major currencies in the European session on Tuesday.

RTTNews | 10h 19min ago

EURUSD	1.09073	GBPUSD	1.30062	AUDUSD	0.66357
USDJPY	151.875	USDCAD	1.38596	USDCHF	0.8634