Bay Street Seen Opening Higher; BoC Rate Decision In Focus

RTTNews | 1416 days ago

(RTTNews) - Canadian shares are expected to open higher on Wednesday, tracking firm commodity prices. The focus will be on the Bank of India's interest rate decision, due at 10 AM ET.

The central bank's interest rate decision and the accompanying monetary policy statement, and the subsequent press conference are likely to set the trend for the market.

The central bank is widely expected to announce another sharp interest rate hike. The bank raised the target for its overnight rate by 75bps to 3.25% in September 2022. The fifth consecutive rate hike by the bank pushed borrowing costs to the highest since 2008.

FirstServices Corporation (FSV.TO) reported GAAP Operating Earnings of $62.7 million for the third-quarter, up from $61.5 million in the prior year period. The GAAP diluted earnings per share was $0.77 in the quarter, compared to $1.03 for the same quarter a year ago.

Crescent Point Energy (CPG.TO) reported net income of $466.4 million for the quarter ended September 2022, compared with net income of $77.5 million in the year-ago quarter.

The Canadian market shrugged off a weak start and climbed higher on Tuesday thanks to sustained buying in stocks from healthcare, technology, consumer discretionary and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 178.61 points or 0.94% at 19,097.01, almost near the day's high.

Asian stocks closed higher on Wednesday as weak U.S. data released overnight boosted expectations of a less hawkish Federal Reserve.

Investors are pricing in a smaller rate hike in December after a 75-basis point hike in November. Third-quarter U.S. GDP data, due later this week, is expected to offer more clues on the economic and rate outlook.

European stocks are turning in a mixed performance with investors reacting to a mixed bag of earnings announcement, and looking ahead to the ECB rate decision on Thursday.

The European Central Bank is widely expected to raise rates by 75 basis points amid a looming recession.

In commodities trading, West Texas Intermediate Crude oil futures for December are gaining $0.87 or 1.02% at $86.19 a barrel.

Gold futures are up $14.80 or 0.9% at $1,672.80 an ounce, while Silver futures are up $0.206 or 1.06% at $19.555 an ounce.

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 | 2h 56min 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 4min 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 | 3h 45min 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 | 4h 46min 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 | 4h 55min 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 | 5h 10min 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 | 5h 42min ago

UK Stocks Rise On GDP Growth, Oil Price Decline

UK stocks advanced Friday as July GDP growth of 0.4% beat expectations and oil prices tumbled following downward IEA demand revisions. The FTSE 100 reached 10,674.52, up 0.61% despite ongoing US-Iran concerns.

RTTNews | 5h 55min ago

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