Bay Street Seen Opening Weak On Recession Fears

RTTNews | 949 days ago

(RTTNews) - Canadian shares are set to open on a weak note on Monday, weighed down by lower commodity prices amid rising fears the global economy is slipping into a recession.

Bank of Nova Scotia (BNS.TO) announced Monday that it has appointed Scott Thomson as President and CEO, effective February 1, 2023. Thomson succeeds Brian Porter, who has decided to retire as President and Chief Executive Officer, effective January 31, 2023.

On the economic front, preliminary data on Canadian wholesale sales for the month of August is due at 8:30 AM ET.

The Canadian market suffered its worst setback in more than than three months on Friday as rising fears of a recession due to aggressive monetary tightening by global central banks to fight inflation rendered the mood extremely bearish.

The benchmark S&P/TSX Composite Index ended with a loss of 521.70 points or about 2.8% at 18,480.98, a two-month closing low. The index, which suffered its biggest single-session drop since June 16 today, shed 4.7% in the week.

Asian stocks fell on Monday to extend recent losses, the dollar surged to new 20-year highs on rising yields, gold held at 2-1/2-year trough and oil extended last week's losses as recession fears gripped financial markets.

The Chinese government raised the foreign exchange risk reserve requirements for financial institutions to stem a drop in the yuan, which touched a 28-month low against the dollar today.

European stocks are turning in a mixed performance in cautious trade amid worries about an economic downturn. Investors are also digesting the latest data from Germany, and the victory of a right-wing bloc led by Giorgia Meloni in Italy's parliamentary elections on Sunday.

German business confidence declined to the lowest level in more than two years in September signaling that the economy is slipping into a recession. The Ifo institute said its business climate index fell to 84.3 from 88.5 in August, with both the current assessment component and expectations dropping significantly.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.98 or 1.24% at $77.76 a barrel.

Gold futures are down $7.00 or 0.42% at $1,648.60 an ounce, while Silver futures are lower by $0.200 or 1.06% at $18.710 an ounce.

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 | 59 minutes 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 | 1h 53min 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 | 2h 17min 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 | 2h 29min 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 | 2h 32min ago

U.S. Employment Jumps Much More Than Expected In April

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.

RTTNews | 2h 42min ago

SharkNinja Recalls 1.85 Mln Pressure Cookers

SharkNinja Operating LLC is recalling about 1.85 million units of Foodi Multi-Function Pressure Cookers citing risk of burn, and after 26 lawsuits were filed, according to the U.S. Consumer Product Safety Commission or CPSC. In addition, about 184,240 units were sold in Canada. The agency noted that the pressure-cooking lid can be opened during use, causing hot contents to escape.

RTTNews | 2h 58min ago

FTSE 100 Moderately Higher; Shell Rises Sharply After Announcing Share Buyback

UK stocks are up in positive territory on Friday, in line with other major markets in Europe, amid optimism over easing U.S.-China trade relations. Investors are also reacting to a slew of earnings announcements.

RTTNews | 3h 20min ago

EURUSD	1.13511	GBPUSD	1.33135	AUDUSD	0.64573
USDJPY	144.236	USDCAD	1.3784	USDCHF	0.82509

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Bay Street Seen Opening Weak On Recession Fears