Bay Street Seen Opening On Slightly Volatile Note

RTTNews | 56 days ago
Bay Street Seen Opening On Slightly Volatile Note

(RTTNews) - Canadian shares may open on a volatile note Wednesday morning, with investors reacting to quarterly results from Royal Bank of Canada and the National Bank of Canada, and weak commodity prices.

With the focus on more earnings, including from AI darling NVIDIA, and upcoming U.S. inflation readings, the mood is likely to remain somewhat cautious for much of the day's trading session.

Royal Bank of Canada (RY.TO) reported a net income of $4.5 billion for the quarter ended July 31, 2024, up $626 million or 16% from the prior year. Diluted EPS was $3.09, up 13% over the same period. The bank reported adjusted net income and adjusted diluted EPS of $4.7 billion and $3.26 for the latest quarter, up 18% and 15%, respectively, from the prior year.

National Bank of Canada (NA.TO) reported a net income of $1,033 million for the third-quarter of its current financial year, which is up 24% from $830 million it reported in the year-ago quarter. Third-quarter diluted earnings per share stood at $2.89 compared to $2.33 in the third quarter of 2023.

CGI Inc. (GIB-A.TO) announced that its U.S. operating subsidiary, CGI Federal has bagged two contract awards from the U.S. Patent and Trademark Office (USPTO). The contracts have a combined potential value of US$119 million.

The Canadian market ended weak on Tuesday after languishing in negative territory right through the day's session, with weak results from Bank of Montreal and lower commodity prices hurting sentiment.

The benchmark S&P/TSX Composite Index, which dropped to 23,185.74 in early trades, losing more than 150 points in the process, ended the session with a loss of 89.01 points or 0.38% at 23,259.96.

Asian stocks ended mixed on Wednesday as investors eagerly awaited earnings from market darling Nvidia, which could affect shares of artificial intelligence and other prominent technology stocks.

Investors also awaited the release of the Federal Reserve's preferred inflation gauge later this week for signals on U.S. interest-rate reductions.

European stocks are broadly higher Wednesday even as the UK market underperforms. The undertone is fairly positive ahead of results from Nvidia later today.

In commodities, West Texas Intermediate Crude oil futures are down $1.30 or 1.72% at $74.23 a barrel.

Gold futures are down $14.40 or 0.56% at $2,538.50 an ounce, while Silver futures are lower by $0.525 or 1.75% at $29.455 an ounce.

read more
Singapore Shares May Head South Again On Thursday

Singapore Shares May Head South Again On Thursday

The Singapore stock market on Wednesday snapped the two-day slide in which it had dropped more than 50 points or 1.4 percent. The Straits Times Index now sits just above the 3,600-point plateau although it may see renewed selling pressure on Thursday.
RTTNews | 4h 30min ago
Continued Consolidation Called For Malaysia Stock Market

Continued Consolidation Called For Malaysia Stock Market

The Malaysia stock market has moved lower in three straight sessions, slipping almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,640-point plateau and it may take further damage again on Thursday.
RTTNews | 5h 0min ago
South Korea GDP Expands 0.1% On Quarter In Q3

South Korea GDP Expands 0.1% On Quarter In Q3

South Korea's gross domestic product gained a seasonally adjusted 0.1 percent on quarter in the third quarter of 2024, the Bank of Korea said in Thursday's preliminary reading.
RTTNews | 5h 5min ago
South Korea GDP Rises 0.1% In Q3

South Korea GDP Rises 0.1% In Q3

South Korea's gross domestic product expanded a seasonally adjusted 0.1 percent on quarter in the third quarter of 2024, the Bank of Korea said in Thursday's preliminary reading.
RTTNews | 5h 24min ago
South Korea Shares Likely To Remain Rangebound On Thursday

South Korea Shares Likely To Remain Rangebound On Thursday

The South Korea stock market has finished higher in two of three trading days since the end of the three-day slide in which it had slumped almost 40 points or 1.6 percent. The KOSPI now sits just beneath the 2,600-point plateau although it's likely to head south again on Thursday.
RTTNews | 5h 30min ago
South Korea GDP Data Due On Thursday

South Korea GDP Data Due On Thursday

South Korea will on Thursday release preliminary Q3 data for gross domestic product, highlighting a modest day for Asia-Pacific economic activity.
RTTNews | 6h 30min ago
TSX Ends Lower Despite BoC's Sharp Rate Cut

TSX Ends Lower Despite BoC's Sharp Rate Cut

The Canadian market ended weak on Wednesday, hurt by losses in technology, energy and materials stocks. Despite the Bank of Canada's decision to cut interest rates by 50 basis points, the mood in the market remained bearish amid concerns about the outlook for economic growth and due to persisting Middle East tensions.
RTTNews | 7h 1min ago