Bay Street Seen Opening Lower; Inflation Data Eyed

RTTNews | 956 gün önce

(RTTNews) - Lower Canadian and U.S. futures indicate a weak start for the Canadian market on Wednesday. Inflation data for the month of May is expected to significantly impact stock price movements.

Canadian inflation data for May is due at 8:30 AM ET. Canada's annual inflation rate quickened to 6.8% in April of 2022, the highest since January of 1991 and slightly above market expectations of 6.7%.

Core consumer prices in Canada increased 5.7% year-on-year in April of 2022, the most on record. On a monthly basis, consumer prices increased 0.7% in April, slowing from a 1% rise in the prior month.

In company news, Empire Company Limited (EMP.A.TO) reported earnings per share of $0.68 for the fourth quarter of financial year 2022, compared to $0.64 in the fourth quarter of the previous financial year.

The market will also be eyeing the Federal Reserve Chairman Jerome Powell's testimony before the Senate about the state of the economy this morning, for clues about the central bank's future monetary policy stance. The Fed raised interest rates by 75 basis points last week and signaled more hikes in the coming months.

Investors are also likely closely follow the developments regard to President Joe Biden's take on the federal tax on gasoline. According to reports, Biden might temporarily suspend the 18.4-cents a gallon federal tax on gasoline.

The Canadian market ended on a positive note on Tuesday, led by gains in energy stocks. The benchmark S&P/TSX Composite Index rose 73.66 points or 0.4% to 19,257.29 continuing to regain ground after ending last Friday's trading at its lowest closing level in over a year.

Asian stocks ended broadly lower on Wednesday despite as inflation and interest-rate concerns took center stage ahead of congressional testimony by Fed Chair Jerome Powell.

European stocks down firmly in negative territory amid rising worries about inflation and interest rate hikes.

In commodities trading, West Texas Intermediate Crude oil futures are down $5.65 or 5.16% at $103.87 a barrel.

Gold futures are up slightly at $1,839.00 an ounce, while Silver futures are down $0.333 or 1.52% at $21.425 an ounce.

TSX Tumbles More Than 1% As Stocks Fall On Tariff Concerns

After posting a record close the previous day, the Canadian market opened marginally up and edged higher Friday morning, but kept losing ground as the day progressed with stocks from across several sectors reeling under selling pressure as Trump administration confirmed that it would begin imposing 25% tariffs on imports from Canada from February 1.

RTTNews | 1 gün önce

German Inflation Unexpectedly Eases In January

Consumer price pressures in Germany slowed unexpected at the start of the year amid a sharp slowdown in food inflation, offering some relief for the European Central Bank that lowered interest rates a day earlier and plan to continue easing to boost the single currency economy that came to a standstill in the final three months of 2024.

RTTNews | 1 gün önce

Swiss Markets Ends Slightly Weak

The Swiss market edged down marginally on Friday with stocks paring gains in late afternoon trade as investors chose to take some profits following a long winning streak. Data showing a stronger than expected jump in the nation's retail sales aided sentiment.

RTTNews | 1 gün önce

Major European Markets Close Slightly Higher

European stocks saw some profit taking in late afternoon trades on Friday, but the major markets in the region still managed to close slightly up. Investors assessed recent economic data, earnings news, and monetary policy announcements of the Federal Reserve and the European Central Bank.

RTTNews | 1 gün önce

Canadian Market Down Marginally In Cautious Trade; Tech Stocks Move Higher

The Canadian market is up in positive territory a little past noon on Friday with the benchmark S&P/TSX Composite Index hovering near record high, thanks largely to strong buying in the technology sector after encouraging earnings updates from big name U.S. companies such as Apple Inc. and Meta Platforms.

RTTNews | 1 gün önce

U.S. Dollar Advances Amid Trump's Tariff Threats

The U.S. dollar firmed against its most major counterparts in the New York session on Friday amid concerns about President Donald Trump's renewed pledge to slap 25 percent tariffs on imports from Canada and Mexico on February 1.

RTTNews | 1 gün önce

ECB Surveys Show Rising Eurozone Inflation Expectations

Euro area consumers' inflation expectations for the next 12 months increased for a third straight month in December, while professional forecasters revised up the projections for this year and next, separate surveys by the European Central Bank showed on Friday.

RTTNews | 1 gün önce

Chicago Business Barometer Increases But Still Indicates Contraction

MNI Indicators released a report on Friday showing its reading on Chicago-area business activity increased in the month of January but continued to indicate contraction. The report said the Chicago business barometer rose to 39.5 in January from 36.9 in December, although a reading below 50 still indicates contraction. Economists had expected the index to climb to 40.0.

RTTNews | 1 gün önce

EURUSD	1.03759	GBPUSD	1.24011	AUDUSD	0.62174
USDJPY	155.086	USDCAD	1.45225	USDCHF	0.91047