Bay Street Seen Opening Higher

RTTNews | 1382 days ago

(RTTNews) - Higher commodity prices and positive cues from Asian and European markets point to a higher start for Canadian shares on Tuesday.

In company news, Bank of Nova Scotia (BNS.TO) reported fourth-quarter net income of C$1.95 billion or C$1.63 per share, down from C$2.41 billion or C$1.97 per share in the prior-year quarter.

Royal Bank of Canada (RY.TO) announced Monday that it has signed an agreement to acquire 100% of the common shares of HSBC Bank Canada, a premier Canadian personal and commercial bank, for an all-cash purchase price of C$13.5 billion.

On the economic front, data on Canadian GDP growth for the third quarter is due at 8:30 AM ET. Canada's GDP expanded by 0.8% on the quarter during the April-June quarter, equaling the growth rate from the previous period to mark four consecutive quarters of growth.

The Canadian market closed notably lower on Monday, weighed down by losses in materials, energy and financials sections. The mood was quite bearish in the market due to concerns about the growing unrest in China amid widespread protests against the government's zero-Covid policy.

The benchmark S&P/TSX Composite Index ended with a loss of 163.28 points or 0.8% at 20,220.49. The index dropped to a low of 20,178.80 in the session.

Asian stocks ended higher on Tuesday, with mainland China and Hong Kong markets leading the surge, as China reported a slight dip in new COVID-19 infections and China reopening rumors swirled ahead of a press conference later in the day on COVID prevention and control measures.

China's Shanghai Composite index jumped 2.31%, while Hong Kong's Hang Seng index surged 5.24%.

After a positive start and a subsequent drop to lower levels, European stocks are up again in early afternoon trades on Tuesday amid hopes the Chinese government will relax its zero-Covid policy sometime soon.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.60 or 2.07% at $78.84 a barrel.

Gold futures are gaining $13.20 or 0.75% at $1,753.50 an ounce, while Silver futures are up $0.335 or 1.6% at $21.250 an ounce.

U.S. Dollar Ticks Higher Amid Inflation Data Release, Expectations Of Reopening Of Strait Of Hormuz

The U.S. Dollar value inched higher as investors weighed today's inflation data that pushed the odds for a rate hike in the U.S. higher against reports of an upcoming meeting between the Gulf Cooperation Council nations and Iran to hasten the reopening of the Strait of Hormuz.

RTTNews | 7h 16min ago

TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak

The S&P/TSX Composite Index rose 0.36% Friday to 35,634.50 as technology stocks surged 3.5%, contributing significantly to gains. Oil prices fell following International Energy Agency's downward global oil demand forecast revision.

RTTNews | 9h 32min ago

Swiss Market Ends Modestly Higher

The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.

RTTNews | 10h 6min ago

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 | 10h 29min 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 | 13h 50min 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 | 13h 59min 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 | 14h 39min 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 | 15h 41min ago

EURUSD	1.1598	GBPUSD	1.3518
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