Bay Street Likely To Open Weak

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(RTTNews) - Falling crude oil and metal prices, and weak European markets point to a negative start for Canadian shares on Thursday. Investors will also be reacting to key economic data from the U.S., and a slew of earnings updates from Canadian and U.S. companies.

Loblaw Companies Ltd. (L.TO) reported adjusted net earnings of $664 million for the second quarter, an increase of $38 million, or 6.1%, compared to a year ago.

FirstService Corporation (FSV.TO) reported adjusted EBITDA of $59.1 million for the second quarter, compared to $55.7 million in the year-ago quarter.

Bombardier Inc (BBD.A.TO) reported adjusted net income of $111 million for the quarter ended June 2024, compared to $80 million in the year-ago quarter.

Veren Inc. (VRN.TO) reported net income of $261.0 million, or $0.42 per share diluted, for the quarter ended June 30, 2024.

Mullent Group Ltd. (MTL.TO) reported a net income of $32.9 million for the quarter ended June 30, 2024, compared to $36.5 million a year ago.

Centamin Plc (CEE.TO) reported a profit of $83.36 million in the first half of the current financial year, compared to $90.97 million in the year-ago period. Basic earnings per share were 7.19 US cents, down 9% from 7.86 US cents last year.

Despite the Canadian central bank's decision to reduce interest rates by 25 basis points, the Canadian market ended weak on Wednesday due to a sell-off in technology stocks after a few big name U.S. tech firms reported disappointing quarterly numbers.

The benchmark S&P/TSX Composite Index ended down 174.18 points or 0.76% at 22,639.57, the day's low. The index briefly moved into positive territory at the start, rising to 22,844.82.

Asian stocks plunged on Thursday as a disappointing start of the mega-cap U.S. earnings season prompted investors to pull back on the artificial-intelligence frenzy. A surprise rate cut in China also offered a reality check regarding the challenges facing the world's second-largest economy.

European stocks are down firmly in negative territory on disappointing earnings from big name U.S. companies, concerns over Chinese demand, and weak German business sentiment data.

In commodities, West Texas Intermediate Crude oil futures are down $1.47 or 1.9% at $76.12 a barrel.

Gold futures are down $48.00 or nearly 2% at $2,367.70 an ounce, Silver futures are down $1.616 or 5.51% at $27.700 an ounce, and Copper futures are lower by $0.0330 or 0.8% at $4.0760 per pound.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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