Bay Street May Open With Slightly Positive Bias

RTTNews | 110 days ago

(RTTNews) - Canadian shares are likely to open with a slightly positive bias Friday morning. Higher crude oil prices, and optimism about the outlook for interest rate are likely to help underpin sentiment.

In Canadian earnings news, Artizia Inc (ATZ.TO) reported adjusted net income of $25.0 million for the first quarter, up 122.7% compared to the corresponding quarter last year.

Cogeco Inc (CGO.TO) reported diluted earnings per share of $1.97 in the third quarter, compared to loss of $2.22 per share in the year-ago quarter.

On the economic front, data on Canadian building permits for the month of May is due at 8:30 AM ET.

The Canadian market rose to a new all-time high on Thursday thanks to sustained buying in several sectors after soft U.S. inflation data raised prospects of an interest rate cut by the Federal Reserve in September.

Real estate, materials, utilities and consumer discretionary stocks were among the most prominent gainers. Scores of stocks from communications, healthcare and energy sectors also posted strong gains.

The benchmark S&P/TSX Composite Index ended with a gain of 193.90 points or 0.87% at 22,544.13, after hitting a record high of 22,574.65.

Asian stocks ended mixed on Friday as investors reacted to surprisingly soft U.S. inflation data, mixed Chinese trade figures and comments from several Federal Reserve officials on the rate trajectory.

The dollar edged up slightly as the latest inflation data fueled bets for a September rate cut and a Pew Research Centre poll showed former President Trump leading President Biden by 4 points among registered voters.

European stocks are up in positive territory, on expectations of a rate cut by the Federal Reserve in September after data showed a drop in U.S. consumer price inflation in the month of June.

In commodities, West Texas Intermediate Crude oil futures are up $0.72 or about 0.87% at $83.34 a barrel.

Gold futures are down $15.20 or 0.63% at $2,406.70 an ounce, while Silver futures are down $0.701 or 2.21% at $30.970 an ounce.

Dollar Loses Ground Against Major Counterparts After GDP Data

The U.S. dollar shed ground on Wednesday after data showed an unexpected slowdown in the nation's GDP growth. Investors also digested strong private sector employment data and looked ahead to the crucial non-farm payroll data due later in the week.

RTTNews | 4h 35min ago

Canadian Market Slightly Lower In Cautious Trade

Canadian stocks are turning in a mixed performance on Wednesday with investors largely reacting to earnings announcements, and U.S. economic data. Materials stocks are among the notable losers, while consumer staples and utilities shares are finding good support.

RTTNews | 6h 41min ago

German Inflation Climbs More Than Expected Dampening Bigger Rate Cut Hopes

Consumer price inflation in Germany increased more than expected to its highest level in three months in October and the core figure moved closer to 3 percent, damping expectations for a bigger size interest rate cut from the European Central Bank.

RTTNews | 7h 9min ago

Swiss Market Ends Notably Lower

The Switzerland market ended notably lower on Wednesday after languishing in negative territory right through the day's session, as investors reacted to weak economic data, digested a slew of corporate earnings announcements, and looked ahead to some key U.S. economic data due later in the week.

RTTNews | 7h 28min ago

U.S. Dollar Retreats As GDP Growth Slows

The U.S. dollar pulled back against its major counterparts in the New York session on Wednesday, as a slowdown in GDP growth outweighed optimism about strong ADP data.

RTTNews | 7h 39min ago

European Stocks Close Lower As Investors React To Economic Data, Earnings Updates

European stocks closed weak on Wednesday, with investors reacting to a slew of economic data from the region, the UK budget, and corporate earnings updates, in addition to closely tracking U.S. economic data and following the developments on the geopolitical front.

RTTNews | 7h 44min ago

U.S. Pending Home Sales Spike Much More Than Expected In September

Pending home sales in the U.S. spiked by much more than expected in the month of September, according to a report released by the National Association of Realtors on Wednesday. NAR said its pending home sales index soared by 7.4 percent to 75.8 in September after climbing by 0.6 percent to 70.6 in August. Economists had expected pending home sales to jump by 1.1 percent.

RTTNews | 10h 53min ago

GSK Q3 Results Down, Sees FY24 Outlook At Mid Range; Stock Drops

Shares of GSK plc were losing more than 4 percent on the London Stock Exchange as well as in the early morning trading on the NYSE after the British drug maker reported Wednesday sharply lower profit in its third quarter on $2.3 billion charge on Zantac settlement, as well as weak revenues. Further, GSK confirmed its fiscal 2024 outlook for earnings, core profit and sales.

RTTNews | 11h 25min ago

EURUSD	1.0857	GBPUSD	1.2964	AUDUSD	0.6573
USDJPY	153.373	USDCAD	1.3902	USDCHF	0.8666