Bay Street Likely To Open Slightly Higher

RTTNews | 1248 days ago

(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Monday, tracking higher bullion prices, and optimism about Chinese economy.

Uncertainty about U.S. interest rates and concerns about a potential recession later this year might limit market's upside.

In Canadian company news, Algonquin Power & Utilities Corp. (AQN.TO) reaffirmed its previously-disclosed fiscal 2023 estimate of adjusted net earnings per share for the 2023 fiscal year within a range of $0.55 to $0.61.

Meanwhile, American Electric Power announced that it has mutually agreed to terminate its previously announced deal to sell Kentucky operations, i.e., Kentucky Power Co. and AEP Kentucky Transmission Co., Inc., to Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp.

HLS Therapeutics Inc. (HLS.TO) announced the appointment of Craig Millian as Chief Executive Officer, effective May 1, 2023, concurrent with the retirement of Gilbert Godin.

The Canadian market ended mixed on Friday with investors largely staying cautious amid a bit of uncertainty about the Federal Reserve's interest rate moves.

Strong earnings updates from some top U.S. banks such as JP Morgan Chase and Wells Fargo aided sentiment.

The benchmark S&P/TSX Composite Index ended up 15.42 points or 0.07% at 20,579.91, the highest close since March 3. The index, which has now gained for the fourth straight week, added 1.9% in the week.

Asian markets gained on Monday amidst optimism on the Chinese economic scenario ahead of the release of key readings including GDP, industrial production, retail sales, unemployment rate etc. Dovish comments from Bank of Japan's Governor and People's Bank of China also supported sentiment.

The Chinese economy is expected to have grown 4% in the first quarter versus 2.9% earlier. Industrial production in March is seen rising to 4% from 2.4% in the previous period.

European stocks are turning in a mixed performance with investors looking ahead to more earnings updates from U.S. companies for more clarity on the state of the world's largest economy.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.44 or 0.55% at $82.08 a barrel.

Gold futures are gaining $6.00 or 0.3% at $2,021.80 an ounce, while Silver futures are up $0.080 or 0.31% at $25.540 an ounce.

U.S. Business Inventories Climb Much More Than Expected In July

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RTTNews | 1h 17min ago

U.S. Housing Market Index Pulls Back To One-Year Low In September

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RTTNews | 1h 26min ago

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RTTNews | 1h 40min ago

U.S. Retail Sales Jump 1.2% In August, Much More Than Expected

Retail sales in the U.S. shot up by much more than expected in the month of August, according to a report released by the Commerce Department on Wednesday. The Commerce Department said retail sales jumped by 1.2 percent in August after falling by a revised 0.5 percent in July. Economists had expected retail sales to increase by 0.7 percent.

RTTNews | 1h 55min ago

Bay Street Set To Open On Firm Note

The Canadian market is likely to open on a positive note Wednesday morning with materials stocks set to attract buying thanks to strong precious metals prices. A notable drop in crude oil prices could ease concerns about inflation. The focus is on the Federal Reserve's monetary policy announcement.

RTTNews | 3h 21min ago

U.S. Import Prices Climb Much More Than Expected In August

A report released by the Labor Department on Wednesday showed import prices in the U.S. increased by much more than expected in the month of August.

RTTNews | 3h 22min ago

U.S. Retail Sales Jump Much More Than Expected In August

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RTTNews | 3h 24min ago

UK Inflation Accelerates To 5-Month High

UK consumer price inflation rose to a five-month high in August on renewed increase in fuel prices but the Bank of England is widely expected to hold the interest rate as energy shocks show no sign of broadening. Inflation advanced to 3.1 percent from 2.9 percent in July, the Office for National Statistics said Wednesday. The rate came in line with expectations.

RTTNews | 4h 8min ago

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