Bay Street Seen Extending Gains At Open; Inflation Data In Focus

RTTNews | 1247 days ago

(RTTNews) - Canadian shares look headed for a positive start on Tuesday, tracking positive cues from European markets, strong earnings from U.S. banks, and upbeat Chinese economic data.

Data on Canadian inflation is likely to significantly impact the market.

Data on Canadian inflation for the month of March is due at 8:30 AM ET.

Canada's inflation fell to 5.2% in February of 2023, the least sine January 2022, slowing from the 5.9% in the previous month.

Core inflation rate in Canada eased to an over one-year low of 4.7% in February 2023 from 5% in the previous month.

Data on new motor vehicles sales in Canada for the month of February is also due at 8:30 AM ET.

In company news, PrairieSky Royalty (PSK.TO) reported first-quarter net earnings of $56.8 million, compared with $67.3 million in the preceding quarter. The company's net debt at March 2023 end stood at $292.4 million, down from $315.1 million at the end of the preceding quarter.

Loblaw Companies Limited (L.TO) announced the appointment of Per Bank as President and CEO of Loblaw. Bank will formally join the company by first quarter, 2024.

Galen Weston will remain Chair of the Loblaw Board of Directors, as well as Chair of the Board of Directors and CEO of parent company, George Weston Limited, the companies announced. Richard Dufresne will continue as Loblaw's CFO and President and Chief Financial Officer of George Weston.

The Canadian market ended higher on Monday, led by gains in healthcare and real estate sectors.

A few stocks from technology, industrials and financials sectors too posted notable gains and helped lift the market higher.

The mood, however, remained cautious amid a lack of fresh data. Investors looked ahead to more earnings and economic updates from the U.S. for direction.

The benchmark S&P/TSX Composite Index ended with a gain of 62.06 points or 0.3% at 20,641.97, rising for a seventh straight session.

In commodities, West Texas Intermediate Crude oil futures are down $0.28 or 0.37% at $80.55 a barrel.

Gold futures are gaining $9.80 or about 0.5% at $2,016.80 an ounce, while Silver futures are up $0.132 or 0.53% at $25.220 an ounce.

European Stocks Close Broadly Higher As Oil Prices Drop

European stocks closed broadly higher on Wednesday as weak oil prices and lower bond yields helped lift sentiment. Investors digested the latest batch of regional economic data and looked ahead to the Federal Reserve's monetary policy announcement, due later in the day.

RTTNews | 11 minutes ago

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

A report released by the Commerce Department on Wednesday showed business inventories in the U.S. increased by much more than expected in the month of July. The Commerce Department said business inventories climbed by 0.8 percent in July following a revised 0.1 percent uptick in June. Economists had expected business inventories to rise by 0.3 percent.

RTTNews | 3h 10min ago

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

Homebuilder sentiment in the U.S. has deteriorated by much more than anticipated in the month of September, according to a report released by the National Association of Home Builders on Wednesday. The report said the NAHB/Wells Fargo housing market index fell to 32 in September after inching up to 35 in August. Economists had expected the index to edge down to 34.

RTTNews | 3h 19min ago

U.S. Import Prices Rebound 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. The Labor Department said import prices climbed by 0.7 percent in August after falling by a revised 0.3 percent in July.

RTTNews | 3h 34min 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 | 3h 48min 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 | 5h 14min 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 | 5h 15min ago

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

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.

RTTNews | 5h 18min ago

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