Bay Street Seen Extending Gains At Open; Inflation Data In Focus

RTTNews | 688 days ago

(RTTNews) - Canadian shares look headed for a positive start on Tuesday, tracking positive cues from European markets, strong earnings from U.S. banks, and upbeat Chinese economic data.

Data on Canadian inflation is likely to significantly impact the market.

Data on Canadian inflation for the month of March is due at 8:30 AM ET.

Canada's inflation fell to 5.2% in February of 2023, the least sine January 2022, slowing from the 5.9% in the previous month.

Core inflation rate in Canada eased to an over one-year low of 4.7% in February 2023 from 5% in the previous month.

Data on new motor vehicles sales in Canada for the month of February is also due at 8:30 AM ET.

In company news, PrairieSky Royalty (PSK.TO) reported first-quarter net earnings of $56.8 million, compared with $67.3 million in the preceding quarter. The company's net debt at March 2023 end stood at $292.4 million, down from $315.1 million at the end of the preceding quarter.

Loblaw Companies Limited (L.TO) announced the appointment of Per Bank as President and CEO of Loblaw. Bank will formally join the company by first quarter, 2024.

Galen Weston will remain Chair of the Loblaw Board of Directors, as well as Chair of the Board of Directors and CEO of parent company, George Weston Limited, the companies announced. Richard Dufresne will continue as Loblaw's CFO and President and Chief Financial Officer of George Weston.

The Canadian market ended higher on Monday, led by gains in healthcare and real estate sectors.

A few stocks from technology, industrials and financials sectors too posted notable gains and helped lift the market higher.

The mood, however, remained cautious amid a lack of fresh data. Investors looked ahead to more earnings and economic updates from the U.S. for direction.

The benchmark S&P/TSX Composite Index ended with a gain of 62.06 points or 0.3% at 20,641.97, rising for a seventh straight session.

In commodities, West Texas Intermediate Crude oil futures are down $0.28 or 0.37% at $80.55 a barrel.

Gold futures are gaining $9.80 or about 0.5% at $2,016.80 an ounce, while Silver futures are up $0.132 or 0.53% at $25.220 an ounce.

Swiss Market Ends Moderately Lower

The Switzerland market ended weak on Thursday, after languishing in negative territory right through the day's session as worries about global growth due to stringent tariffs by the U.S. on imports from Canada and Mexico rendered the mood a bit bearish.

RTTNews | 5h 7min ago

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Thursday as investors reacted to quarterly earnings updates and the European Central Bank's rate cut decision, while continuing to follow the developments on the tariff front.

RTTNews | 5h 43min ago

ECB Lowers Rates, EZ Growth Outlook Amid Rising Uncertainty; Signals Pause Ahead

The European Central Bank cut its key interest rates for the fifth policy session in a row and also lowered the growth forecast for the euro area mainly due to prospects of weak exports and investment in the backdrop of high trade uncertainty amid the tariffs war, and signaled a pause in the easing cycle as policy is now deemed less restrictive.

RTTNews | 8h 9min ago

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 | 8h 40min 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 | 9h 8min 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 | 9h 12min 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 | 9h 22min ago

Bay Street Likely To Open Lower

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

RTTNews | 10h 40min ago

EURUSD	1.07956	GBPUSD	1.28894	AUDUSD	0.63339
USDJPY	147.636	USDCAD	1.43108	USDCHF	0.88302

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Bay Street Seen Extending Gains At Open; Inflation Data In Focus