Bay Street May Open Higher On Firm Commodity Prices

RTTNews | 914 hari yang lalu

(RTTNews) - Canadian shares may open higher on Wednesday thanks to firm crude oil and gold prices. Data on Canadian services sector activity during the month of March is in focus.

The S&P Global Canada Composite PMI rose to 47.1 in February. The S&P Global Canada Services PMI reading came in at 46.6 in February, up from 45.8 a month earlier.

Investors also await Federal Reserve Chair Jerome Powell's speech and the release of Friday's U.S. non-farm payroll data for additional clarity on the timing and pace of Fed easing.

In company news, Indigo Books & Music Inc. (IDG.TO) announced that it has entered into an arrangement agreement with Trilogy Investments L.P. and Trilogy Retail Holdings Inc. whereby Trilogy will acquire all of the issued and outstanding common shares of the Company that Trilogy, its affiliates and joint actors do not currently own for C$2.50 in cash per share.

Vecima Networks Inc. (VCM.TO) announced that it has signed an asset purchase agreement to buy the cable business assets of Casa Systems, Inc. and some of Casa's subsidiaries for $20 million

The Canadian market ended moderately lower on Tuesday as uncertainty about the outlook for interest rate cuts weighed on sentiment.

The benchmark S&P/TSX Composite Index, which dropped to a low of 21,996.91 around noon, ended the day's session at 22,075.10 with a loss of 110.15 points or 0.5%.

Asian stocks tumbled on Wednesday, as strong U.S. data dented rate cut hopes and oil extended gains amid rising tension in the Middle East, clouding the inflation outlook.

European stocks are a bit subdued with investors digesting Eurozone inflation data, and awaiting U.S. private sector employment data and Fed Chair Powell's speech.

In commodities, West Texas Intermediate Crude oil futures are up $0.81 or 0.95% at $85.96 a barrel.

Gold futures are up $10.30 or 0.45% at $2,292.10 an ounce, while Silver futures are up $0.552 or 2.13% at $26.475 an ounce.

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Save for a few minutes at the start, the Switzerland market's benchmark index SMI stayed positive on Friday as lower oil prices and bond yields helped underpin sentiment. Additionally, weaker than expected jobs data from the U.S. has somewhat reduced the likelihood of the Federal Reserve raising interest rates at its next meeting later this month.

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U.S. Factory Orders Inch Up In Line With Estimates In August

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U.S. Employment Rises By 29,000 Jobs In September, Much Less Than Expected

The Labor Department released a closely watched report on Friday showing employment in the U.S. increased by much less than expected in the month of September. The report said non-farm payroll employment rose by 29,000 jobs in September after jumping by a downwardly revised 133,000 jobs in August. Economists had expected employment to increase by 85,000 jobs.

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Euro Slides Against Majors

The euro weakened against other major currencies in the European session on Friday.

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Walmart Recalls Over 4.4 Mln Grill Brushes For Ingestion Risk

Retail giant Walmart Inc. is recalling around 4.478 million units of metal wire bristle grill brushes, citing risk of ingestion and internal injuries, according to the U.S. Consumer Product safety Commission or CPSC. The recall involves certain Walmart Expert Grill brushes with black plastic or stainless-steel handles. Some brushes come with metal scraper attached.

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Bay Street Headed For Positive Start

Canadian stocks look headed for a positive start on Friday with concerns about inflation and interest rates easing a bit following a sharp drop in oil prices. Bond yields have dropped as well. U.S. non-farm payroll data for the month of September is likely to make an impact on investor sentiment.

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