Bay Street Likely To Open Lower On Weak Commodity Prices

RTTNews | 1414 days ago

(RTTNews) - Lower crude oil and bullion prices point to a negative start for Canadian shares on Friday.

Investors are likely to react to a slew of earnings news, and economic data, as well for direction.

In earnings news, Yamana Gold Inc. (YRI.TO) reported that its third quarter net earnings declined to $19.8 million or $0.02 per share from $27.0 million or $0.03 per share in the prior year.

Adjusted net earnings were $44.5 million or $0.05 per share compared to $73.7 million or $0.08 per share in the prior year.

Fortis Inc. (FTS.TO) reported that its third-quarter net earnings attributable to equity shareholders was C$326 million or C$0.68 per share, compared to C$295 million or C$0.63 per share last year.

Imperial Oil Ltd. (IMO.TO) reported estimated net income in the third quarter of $2,031 million, compared to $2,409 million in the second quarter of 2022.

Air Canada (AC.TO) reported a net loss of $508 million in the third quarter of this financial year, compared to a net loss of $640 million a year ago.

On the economic front, final data on Canadian GDP for the month of August, and a preliminary reading of GDP for the month of September are due at 8:30 AM ET.

The Canadian market ended modestly higher on Thursday, led by gains in technology stocks.

The benchmark S&P/TSX Composite Index, which rose to a one-month high at 19,516.36 early on in the session, gave up most of its gains as the day progressed and finally settled at 19,352.11, up 72.35 points or 0.38% from the previous close.

Asian stocks ended broadly lower on Friday as investors digested the monetary policy announcements from the ECB and BoJ and looked ahead to next week's FOMC meeting for clues on whether a pivot on the pace of rate hikes is on the table.

After opening notably lower on weak results from U.S. tech majors and a few big-name European companies, European stocks are slowly regaining lost ground.

In commodities trading, West Texas Intermediate Crude oil futures for December are down $0.75 or 0.8% at $88.33 a barrel.

Gold futures are down $12.20 or 0.74% at $1,653.40 an ounce, while Silver futures are down $0.229 or 1.17% at $19.265 an ounce.

European Markets Rise As Oil Prices Fall On IEA Demand Cut

European markets gained ground Friday after the International Energy Agency cut its global oil demand forecast, sending Brent crude futures down 3.5% to $103.50. The IEA now projects world oil demand will drop 2.5 million barrels per day this year versus its prior estimate of 1.6 million bpd.

RTTNews | 27 minutes ago

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.

RTTNews | 3h 48min ago

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair

RTTNews | 3h 57min ago

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.

RTTNews | 4h 37min ago

U.S. Consumer Prices Increase In Line With Estimates In August

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August.

RTTNews | 5h 39min ago

IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

Canadian stocks may open with positive bias Friday as oil prices decline following the International Energy Agency's downward revision of global oil demand. Investors seek bargains after six consecutive days of losses. U.S. consumer price data could impact sentiment.

RTTNews | 5h 47min ago

Canadian Dollar Falls As Oil Prices Edge Lower

The Canadian dollar weakened against other major currencies in the European session on Friday, as the crude oil prices traded lower amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.

RTTNews | 6h 3min ago

Kroger Q2 Profit Rises, Backs FY26 Adj. Earnings View, Cuts Sales Growth Forecast; Stock Drops

Supermarket chain Kroger Co. reported Friday higher profit and sales in its second quarter, while Identical Sales growth was slower than the prior year. Further, the firm maintained adjusted earnings outlook for fiscal 2026, but trimmed growth view for identical sales without fuel. In the pre-market activity on the NYSE, the shares were losing around 2.62 percent.

RTTNews | 6h 34min ago

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