Bay Street Likely To Open With Negative Bias; Jobs Data Eyed

RTTNews | 734 gün önce

(RTTNews) - Canadian shares are likely to open with a negative bias Friday morning, tracking weakness in European markets amid concerns about inflation and interest rates.

Canadian employment data, and average hourly earnings for the month of January, due at 8:30 AM ET, may significantly impact the mood.

The Canadian economy added 104,000 thousand jobs in December of 2022, beating market expectations of an addition of 8,000 jobs. The unemployment rate in Canada dropped to 5% in December, from 5.1% a month earlier.

Average hourly earnings increased by 5.2% year-on-year to C$ 32.85 in December.

The Canadian market ended weak on Thursday, losing ground for a second straight day, amid concerns about growth and uncertainty about the pace of future interest rate hikes by the Federal Reserve.

Investors digested a slew of earnings updates, and tracked the tend in global markets.

Healthcare, communications and materials shares were among the notable losers. Real estate and consumer staples shares found some support.

The benchmark S&P/TSX Composite Index, which opened nearly 100 points up at 20,777.51 and advanced to 20,821.66 in early trades, ended the session with a loss of 81.79 points or 0.4% at 20,597.75.

Magna International Inc. (MG.TO) reported fourth-quarter net income of $95 million, compared with net income of $464 million in the year-ago quarter. Adjusted earnings per share were $0.91, compared to prior year's $1.30.

Fortis Inc. (FTS.TO) reported fourth quarter net earnings of C$370 million or C$0.77 per share, up from C$328 million or C$0.63 per share in the prior-year quarter.

Asian stocks ended mixed on Friday amid much uncertainty about where inflation and interest rates are headed.

The dollar ticked higher after a spike inn short-term U.S. Treasury yields as Richmond Fed President Thomas Barkin said it's important for the U.S. central bank to continue to raise rates to ensure if brings inflation back to the 2 percent target.

European stocks are down firmly in negative territory amid lingering uncertainties around inflation and further interest rate hikes by the U.S. Federal Reserve.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.73 or about 2.2% at $79.79 a barrel.

Gold futures are down $2.90 or 0.16% at $1,875.40 an ounce, while Silver futures are lower by $0.033 or 0.14% at $22.110 an ounce.

U.S. Producer Price Growth Slightly Exceeds Estimates In January

Following yesterday's hotter than expected consumer price inflation data, the Labor Department released a report on Thursday showing U.S. producer prices also increased by slightly more than anticipated in the month of January. The Labor Department said its producer price index for final demand rose by 0.4 percent in January after climbing by an upwardly revised 0.5 percent in December.

RTTNews | 6s 50 dakika önce

U.S. Jobless Claims Dip Slightly More Than Expected To 213,000

First-time claims for U.S. unemployment benefits fell by slightly more than expected in the week ended February 8th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 213,000, a decrease of 7,000 from the previous week's revised level of 220,000.

RTTNews | 6s 54 dakika önce

Siemens Q1 Net Profit Surges, Orders Down; Backs FY25 View; Stock Up

Shares of Siemens AG were gaining around 6 percent in the German trading on the XETRA after the conglomerate on Thursday reported significantly higher profit in its first quarter, benefited by a gain on sale of Innomotics, and confirmed fiscal 2025 comparable revenue growth outlook. This was despite reporting weak earnings from continuing operations and orders in the quarter.

RTTNews | 7s 42 dakika önce

U.S. Producer Prices Rise Slightly More Than Expected In January

RTTNews | 8s 19 dakika önce

U.S. Weekly Jobless Claims Dip Slightly More Than Expected

First-time claims for U.S. unemployment benefits fell by slightly more than expected in the week ended February 8th, according to a report released by the Labor Department on Thursday.

RTTNews | 8s 25 dakika önce

UK Economy Unexpectedly Returns To Growth

The U.K. economy logged a surprise expansion in the fourth quarter of 2024, but the mild growth is unlikely to ease the pressure on the Chancellor who aims to turbocharge growth. Gross domestic product grew 0.1 percent from the third quarter, when there was nil growth, the Office for National Statistics reported Thursday.

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Bay Street Likely To Open With Positive Bias

Canadian shares may open with a positive bias Thursday morning, tracking higher metal prices. Weak crude oil prices could trigger some selling in the energy space and limit market's upside.

RTTNews | 8s 48 dakika önce

Eurozone Industrial Output Falls More Than Expected

Eurozone industrial production registered a bigger-than-expected decline in December on sharp falls in capital a Industrial output fell 1.1 percent in December from November. The fall was deeper than the forecast of 0.6 percent also reversed the 0.4 percent increase in November. Among major industrial groupings, only non-durable consumer goods and energy production improved from the last month.

RTTNews | 11s 31 dakika önce

EURUSD	1.04278	GBPUSD	1.25264	AUDUSD	0.62905
USDJPY	153.175	USDCAD	1.42333	USDCHF	0.90482