Bay Street Looks Headed For Positive Start

RTTNews | 120 days ago

(RTTNews) - Canadian shares look headed for a positive start Thursday morning thanks to firm European markets and higher crude oil and gold prices.

Investors will also be reacting to the European Central Bank's policy announcement, and producer price inflation data from the U.S.

Empire Company Ltd. (EMP.A.TO) reported net earnings of $207.8 million ($0.86 per share) for the first quarter ended August 3, 2024, compared to net earnings of $261.0 million ($1.03 per share) last year. For the quarter, the Company recorded adjusted net earnings of $218.7 million ($0.90 per share) compared to $196.2 million ($0.78 per share) last year.

Data on Canadian building permits for the month of July is due at 8:30 AM ET.

After struggling for support till around noon, Canadian stocks climbed higher and lifted the benchmark S&P/TSX Composite Index to a near 2-week high on Wednesday. The mood in the market turned a bit bullish amid easing concerns about inflation in the U.S.

The S&P/TSX Composite Index ended up 208.08 points or 0.9% at 23,211.17.

Asian shares ended higher on Thursday, buoyed by a tech-fueled rally on Wall Street overnight.

The dollar held firm in Asian trading as signs of some stickiness in U.S. inflation dented hopes for a big rate cut at next week's Federal Reserve meeting.

European stocks are up firmly in positive territory ahead of the European Central Bank's monetary policy announcement. The ECB is widely expected to lower interest rates for the second time this year.

In commodities, West Texas Intermediate Crude oil futures are up $1.02 or 1.52% at $68.33 a barrel.

Gold futures are gaining $5.50 or 0.22% at $2,547.90 an ounce, while Silver futures are up $0.197 or 0.67% at $29.125 an ounce.

TSX Ends Notably Lower As Stocks Drop On Interest Rate Concerns

The Canadian market closed notably lower on Friday, hurt by rising bond yields, and fading optimism about interest rate cuts by the Federal Reserve after data showed stronger-than-expected growth in U.S. non-farm payroll employment. Canadian employment data too came in stronger than expected, reducing prospects of any significant monetary easing by the Bank of Canada.

RTTNews | 5h 24min ago

Dollar Climbs Higher After Buoyant Jobs Data

The U.S. dollar firmed against its major counterparts on Friday amid fading hopes of further reductions in interest rates after data from the Labor Department showed stronger-than-expected growth in non-farm payroll employment in the month of December.

RTTNews | 5h 54min ago

U.S. Stocks Close Sharply Lower As Strong Jobs Data Raises Interest Rate Concerns

U.S. stocks tumbled on Friday due to heavy selling across the board as buoyant non-farm payroll data raised concerns that the Federal Reserve will likely hold interest rates at current levels or slow down the pace of reductions. Rising bond yields hurt as well.

RTTNews | 6h 20min ago

Swiss Market Ends Notably Lower

The Switzerland market settled notably lower on Friday, in line with markets across Europe, as upbeat U.S. jobs data raised concerns that the Federal Reserve will likely hold interest rates unchanged from current levels, or go slow on interest rate cuts this year. Data showing an increase in Swiss unemployment weighed as well.

RTTNews | 9h 18min ago

U.S. Dollar Firms As Strong Jobs Data Dampens Rate Cut Hopes

The U.S. dollar climbed against its most major counterparts in the New York session on Friday, as stronger-than-expected jobs data for December strengthened expectations that the Federal Reserve will hold rates steady for sometime.

RTTNews | 9h 32min ago

European Stocks Close Lower As Strong U.S. Jobs Data Fuels Interest Rate Concerns

European stocks closed lower on Friday after stronger-than-expected U.S. jobs data raised concerns that the Federal Reserve will hold interest rates at current levels for longer. Higher Euro zone bond yields, and potential tariff hikes by the U.S. weighed as well on investor sentiment.

RTTNews | 9h 33min ago

Canadian Stocks Tumble As Upbeat Jobs Data Raises Interest Rate Concerns

Canadian stocks are down sharply on Friday with stronger-than-expected U.S. jobs data raising concerns that the Federal Reserve will likely hold interest rates unchanged from current levels for sometime. Also, a buoyant Canadian employment reports has dimmed the prospects for further easing by the Canadian central bank for now.

RTTNews | 10h 44min ago

U.S. Consumer Sentiment Edges Lower In January As Inflation Expectations Surge

Consumer sentiment in the U.S. has unexpectedly seen a modest deterioration in the month of January, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index edged down to 73.2 in January from 74.0 in December. Economists had expected the index to inch up to 74.5.

RTTNews | 12h 38min ago

EURUSD	1.02441	GBPUSD	1.22097	AUDUSD	0.61461
USDJPY	157.737	USDCAD	1.44282	USDCHF	0.91664