Bay Street Likely To Open On Mixed Note

RTTNews | 840 days ago

(RTTNews) - The Canadian market is likely to open on a mixed note Friday morning with investors reacting to earnings updates from major U.S. banks, and a slew of earnings announcements from Canadian companies.

A mixed trend in the commodities market is also likely to render the mood cautious.

Shaw Communications Inc. (SJR.B.TO) reported first-quarter 2023 net income of $168 million, compared with net income of $196 million in the year-ago quarter.

Cogeco Communications Inc (CCA.TO) reported earnings per share of $2.44 for the first quarter of fiscal 2023, up 7.5% from the year-ago quarter.

Cogeco Inc (CGO.TO) announced that its earnings per share on a diluted bases was $2.67 in the first quarter of fiscal 2023. That was up 10.8% from the earnings per share it recorded a year earlier.

Corus Entertainment Inc. (CJR.B.TO) reported net income of $31,387 for the quarter ended November 30, 2022, down 59% from net income of $76,165 it posted in the year-ago quarter.

On the economic front, data on Canadian manufacturing sales for the month of November is due at 8:30 AM ET. Manufacturing sales in Canada increased 2.8% month-over-month in October of 2022, compared to the preliminary estimate of 2% and following an upwardly revised 0.1% increase in the prior month.

Canadian stocks turned in a fine performance on Thursday as data showing a drop in U.S. consumer prices inflation in the month of December raised expectations the Federal Reserve will slow down the pace of its interest rate hikes in the coming months.

The benchmark S&P/TSX Composite Index ended with a gain of 186.15 points or 0.93% at 20,211.20.

Asian stocks ended higher on Friday as data showing a slowdown in U.S. inflation helped calm worries over the Federal Reserve's rate-hike trajectory.

European stocks are paring some gains after hovering near 9-month higs, with investors digesting mixed economic data from the region.

German economy likely stagnated in the fourth quarter of last year with GDP rising 1.9% over the full-year 2022, official data showed. Meanwhile, the British economy unexpectedly grew in November, with GDP rising 0.1% in the month as food and drink businesses benefited from the FIFA World Cup.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.32 or 0.41% at $78.71 a barrel.

Gold futures are gaining $1.50 or 0.1% at $1,900.30 an ounce, while Silver futures are down $0.284 or 1.18% at $23.720 an ounce.

Swiss Market Ends On Bright Note

The Switzerland market closed on a strong note on Friday, mirroring the trend in markets across Europe and elsewhere, as worries about trade tensions eased after China stated its willingness to hold talks with the U.S.

RTTNews | 2h 4min ago

European Stocks Close On Buoyant Note

European stocks closed higher on Friday, with the major markets in the region posting strong gains, amid easing concerns about U.S-China trade relations, and on upbeat U.S. non-farm payroll data.

RTTNews | 2h 25min ago

Canadian Market Up Firmly In Positive Territory

The Canadian market is up firmly in positive territory a little past noon on Friday, amid easing concerns about U.S.-China trade tensions following China expressing willingness to hold tariff talks with the United States. Data showing a much higher than expected increase in U.S. non-farm payroll growth in the month of April is also aiding sentiment.

RTTNews | 3h 22min ago

U.S. Factory Orders Spike Slightly Less Than Expected In March

The Commerce Department released a report on Friday showing a sharp increase by new orders for U.S. manufactured goods in the month of March. The report said factory orders spiked by 4.3 percent in March after rising by a downwardly revised 0.5 percent in February.

RTTNews | 5h 20min ago

U.S. Employment Jumps By 177,000 Jobs In April, Much More Than Expected

Job growth in the U.S. far exceeded economist estimates in the month of April, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment shot up by 177,000 jobs in April compared to expectations for an increase of about 130,000 jobs.

RTTNews | 6h 14min ago

Eurozone Inflation Remains Stable At 2.2%

Euro area annual inflation remained stable in April near the European Central Bank's 2 percent target, but the trade tariff uncertainty clouds the outlook. The harmonized index of consumer prices grew 2.2 percent on a yearly basis in April, the same pace of increase as seen in March, flash data from Eurostat showed on Friday. Prices were expected to climb at a slower pace of 2.1 percent.

RTTNews | 6h 38min ago

Eurozone Manufacturing Activity Shrinks At Slower Pace

Euro area factory activity contracted at a slower pace in April as production grew at the fastest pace in more than three years, final data of the purchasing managers' survey by S&P Global showed Friday. The HCOB manufacturing Purchasing Managers' Index rose to a 32-month high of 49.0 in April from 48.6 in March. The score was also above the flash estimate of 48.7.

RTTNews | 6h 50min ago

Bay Street May Open Higher

The Canadian market is likely to open on a positive note on Friday, tracking firm European stocks amid easing concerns over U.S.-China trade tensions after Beijing stated its willingness to engage in tariff negotiations with the United States.

RTTNews | 6h 53min ago

EURUSD	1.13037	GBPUSD	1.32767	AUDUSD	0.64436
USDJPY	144.966	USDCAD	1.38103	USDCHF	0.8268

Advertisement

Bay Street Likely To Open On Mixed Note