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TSX Ends Modestly Lower
(RTTNews) - The Canadian market ended weak on Wednesday, weighed down by losses in materials and technology sectors. Investors digested earnings updates from Canadian and U.S. companies, and awaited U.S. non-farm payroll data and Canadian GDP report, due later in the week.
The benchmark SP/TSX Composite Index ended down 54.76 points or 0.22% at 24,507.79 after scaling a low of 24,428.10 and a high of 24,571.26 intraday.
Materials stock Ivanhoe Mines (IVN.TO) ended down 3.85%. The company reported a net profit of $108 million for the third-quarter of 2024, compared with $67 million in the second-quarter. The stock is down by about 3.7%.
Fortuna Silver Mines (FVI.TO), Seabridge Gold (SEA.TO), First Majestic Silver Corp (AG.TO), Pan American Silver Corp (PAAS.TO) and Hudbay Minerals (HBM.TO) closed down 2.5 to 4%.
Technology stocks Bitfarms (BITF.TO) and BlackBerry (BB.TO) lost 4.49% and 3.56%, respectively. CGI Group (GIB.A.TO), Converge Technology Solutions (CTS.TO) and Sangoma Technologies (STC.TO) closed down 1.25 to 1.6%.
Secure Energy Services (SES.TO) soared nearly 10% after reporting a net income of $94 million for the third-quarter this year, compared with $47 million in the year-ago quarter.
Capital Power Corporation (CPX.TO) climbed 7.8% after the company reported net income of $178 million for the quarter ended September 30, 2024, compared with $272 million in the year-ago quarter.
China Manufacturing Activity Expands For First Time In 6 Months
(RTTNews) - China's manufacturing activity expanded for the first time in six months in October, underpinned by strong domestic demand, official survey data revealed Thursday.
The official manufacturing Purchasing Managers' Index rose to 50.1 in October from 49.8 in September, survey data from the National Bureau of Statistics showed. The score was seen unchanged at 49.8.
A reading above the threshold 50.0 indicates expansion, while a score below 50.0 signals contraction. The Caixin General manufacturing PMI survey data is due on November 1.
The non-manufacturing PMI, which tracks both the service and construction sectors, posted 50.2, up from 50.0 in the previous month but below forecast of 50.4.
The overall composite PMI that combines services and manufacturing, advanced to 50.8 from 50.4 in September.
Although the PMIs have overstated the weakness in China's economy over the past year, they still provide some sense of the direction of travel, Capital Economics' economist Julian Evans-Pritchard said.
The economist noted that the uptick in the PMIs for September was mirrored by an improvement in the wider data. So it is encouraging to see the composite index rise further in October, he added.
European Shares Seen Lower With Focus On Earnings And US Election
(RTTNews) - European stocks may drift lower at open on Thursday as investors absorb another batch of mixed earnings results from megacap technology companies and await key U.S. inflation data for directional cues.
Microsoft delivered solid quarterly results but forecast slower quarterly cloud revenue growth. Facebook owner Meta saw net income and revenues top expectations.
Apple, Amazon, MasterCard, Uber, Merck and Intel are slated to report later in the day.
U.S. reports on weekly jobless claims and personal income and spending, which includes the Federal Reserve's preferred inflation readings, due out later in the day along with Friday's October payrolls report, may offer further clues on what to expect from the Federal Reserve meeting on Nov. 7.
Meanwhile, with election day in the United States less than a week away, polls predict a narrow contest between Democratic nominee Vice President Kamala Harris and Republican rival former President Donald Trump.
Closer home, Eurozone flash inflation and unemployment figures as well as German retail sales data may garner investor attention later in the day.
Asian markets fell broadly as signs of a resilient U.S. economy prompted traders to trim bets on policy easing.
Chinese and Hong Kong markets clung to modest gains after official manufacturing PMI beat forecasts to hit a six-month high in October.
The yen strengthened as the Bank of Japan maintained ultra-low interest rates in the wake of a fragile domestic recovery and rising global uncertainties.
Gold prices dipped from record highs reached the precious day but were on track for their best month in seven on safe-haven demand.
Oil prices rose, extending the previous day's rally driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories.
U.S. stocks ended firmly in the red overnight as investors reacted to mixed earnings results and economic reports.
Private-job creation jumped to its highest level in more than a year in October, while the U.S. economy grew at a slightly slower annualized rate of 2.8 percent in the third quarter ahead of elections, separate set of data showed.
The tech-heavy Nasdaq Composite shed 0.6 percent, the SP 500 dipped 0.3 percent and the Dow eased 0.2 percent.
European stocks closed lower on Wednesday as investors reacted to a fresh batch of corporate earnings, regional growth data and the U.K. Labour Party's first budget in nearly 15 years.
The pan European STOXX 600 declined 1.3 percent. The German DAX and France's CAC 40 both fell by 1.1 percent while the U.K.'s FTSE 100 dropped 0.7 percent.
Asian Shares Decline Following BoJ Decision
(RTTNews) - Asian stocks ended broadly lower on Thursday as investors reacted to mixed earnings from U.S. technology companies and signals from the Bank of Japan that further rate rises were still on the horizon.
Chinese markets bucked the weak regional trend ahead of a highly anticipated top legislative bond meeting scheduled in Beijing on Nov. 4-8, with investors awaiting details of stimulus measures.
The yen recovered from near a three-month low against the dollar as the Bank of Japan kept rates steady and warned of "high uncertainties" following the ruling party's worst election result in 15 years.
Gold prices climbed to a record high before retreating as investors awaited U.S. non-farm payrolls figures, inflation data and next week's presidential election for insight into the Federal Reserve policy.
Oil extended gains from the previous session on optimism over U.S. fuel demand following an unexpected drop in crude inventories.
China's Shanghai Composite index rose 0.42 percent to 3,279.82 as official data showed China's manufacturing sector returned to expansion in October after five consecutive months of contraction.
A survey on services also showed some pick-up in activity. Hong Kong's Hang Seng index ended 0.31 percent lower at 20,317.33 after a choppy session.
Japanese markets closed lower due to political uncertainty and concerns about abrupt policy shifts. Also, reports on retail sales and industrial production released today offered mixed signals about the economy.
The Nikkei average dropped half a percent to 39,081.25 while the broader Topix index settled 0.30 percent lower at 2,695.51.
Seoul stocks fell sharply after Facebook owner Meta Platforms and Microsoft both warned of accelerating costs for artificial intelligence.
The Kospi average ended down 1.45 percent at 2,556.15, dragged down by financials and technology stocks.
Data showed earlier in the day that South Korea's industrial output fell from a month earlier in September on dwindling production in the semiconductor and other manufacturing sectors.
Samsung Electronics finished marginally higher after reporting a higher profit for the third quarter compared to last year.
Australian markets ended modestly lower due to concerns about persistent core inflation in the country and the rate outlook.
The benchmark SP/ASX 200 slid 0.25 percent to 8,160 while the broader All Ordinaries index closed 0.21 percent lower at 8,422.10.
Mineral Resources jumped 9.2 percent after an announcement that it has reached an oil and gas exploration deal with Gina Rinehart's Hancock Prospecting worth up to 1.1 billion Australian dollars (US$720 million).
Across the Tasman, New Zealand's benchmark SP/NZX-50 index dipped 0.44 percent to 12,638.90 ahead of earnings updates from Apple and Amazon later in the day. Taiwanese markets were shuttered due to a typhoon.
U.S. stocks ended firmly in the red overnight as investors reacted to mixed earnings results and economic reports.
Private-job creation jumped to its highest level in more than a year in October, while the U.S. economy grew at a slightly slower annualized rate of 2.8 percent in the third quarter ahead of elections, separate set of data showed.
The tech-heavy Nasdaq Composite shed 0.6 percent, the SP 500 dipped 0.3 percent and the Dow eased 0.2 percent.
European Economic News Preview: Eurozone Inflation, Unemployment Data Due
(RTTNews) - Inflation and unemployment from the euro area and retail sales from Germany are the top economic news due on Thursday.
At 3.00 am ET, Destatis is scheduled to issue Germany's retail sales and import prices for September. Economists forecast retail sales to fall 0.7 percent on month in September. Import prices are expected to drop 0.4 percent on month, the same rate of decline as seen in August.
At 3.45 am ET, France's flash inflation data is due. Consumer price inflation is expected to rise to 1.9 percent in October from 1.1 percent in September.
At 5.00 am ET, Italy's statistical office ISTAT releases unemployment data for September. The jobless rate is seen unchanged at 6.2 percent.
At 6.00 am ET, Eurostat is scheduled to issue euro area flash inflation and unemployment data. Inflation is expected to rise to 1.9 percent in October from 1.7 percent in September. The jobless rate is seen unchanged at 6.4 percent.
In the meantime, preliminary inflation figures are due from Italy.
South Korea Industrial Production Slips 0.2% In September
(RTTNews) - Industrial production in South Korea was down a seasonally adjusted 0.2 percent on month in September, Statistics Korea said on Thursday.
That was well shy of forecasts for an increase of 1.2 percent following the 4.4 percent gain in August.
On a yearly basis, industrial production sank 1.3 percent - again shy of expectations for a gain of 0.2 percent after adding 3.8 percent in the previous month.
The stats bureau also said that retail sales slumped 0.4 percent on month after rising 1.7 percent a month earlier.
Yen Rises Against Majors
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Thursday.
The yen rose to a 2-day high of 165.07 against the euro, a 6-day high of 152.06 against the U.S. dollar and a 3-day high of 175.86 against the Swiss franc, from an early 3-month low of 166.09, a 2-day low of 153.59 and nearly a 3-1/2-month low of 177.29, respectively.
The yen advanced to a 6-day high of 197.22 against the pound, from an early low of 198.92.
Against Australia, the New Zealand and the Canadian dollars, the yen climbed to nearly a 2-week high of 99.97, a 6-day high of 90.88 and an 8-day high of 109.30 from early lows of 100.92, 91.82 and 110.39, respectively.
If the yen extends its uptrend, it is likely to find resistance around 158.00 against the euro, 148.00 against the greenback, 170.00 against the franc, 195.00 against the pound, 98.00 against the aussie, 89.00 against the kiwi and 107.00 against the loonie.
Bank Of Japan Keeps Key Rate Unchanged
(RTTNews) - The Bank of Japan left its key interest rate unchanged as widely expected on Thursday and retained a cautious approach as political instability and looming US presidential election added concerns about economic outlook.
In a unanimous vote, the Policy Board decided to maintain the uncollateralized overnight call rate to remain at around 0.25 percent. This was the highest since late 2008.
The BoJ had ended its negative interest rate policy in March and last lifted the benchmark rate in July to the current level. So far the bank has tightened the policy twice this year.
The bank said it needs to pay close attention to overseas economies, especially the US, and developments in global financial markets.
While US election due next week added uncertainty surrounding overseas economies, the ruling Liberal Democratic Party's election loss added domestic uncertainty.
Capital Economics' economist Marcel Thieliant said he expects a new government to be formed and a supplementary budget to be passed by the time of the Bank's next meeting in December.
With inflation excluding fresh food and energy picking up again in recent months and set to hover above the 2 percent target over the next few months, there is a strong case for another rate hike as soon as December, the economist added. However, further tightening is unlikely in 2025, he said.
In the latest, Outlook for Economic Activity and Prices, the bank said the economy is likely to keep growing at a pace above its potential growth rate. The bank upgraded its economic growth for the fiscal 2025 and retained the projections for the fiscal 2024 and 2026.
The economy is forecast to grow 0.6 percent in the fiscal 2024. Meanwhile, growth outlook for the fiscal 2025 was raised marginally to 1.1 percent from 1.0 percent and that for the fiscal 2026 was retained at 1.0 percent.
The projected inflation for the fiscal 2025 was somewhat lower due to factors such as the recent decline in crude oil and other resource prices. Inflation was seen at 1.9 percent, down from 2.1 percent estimated in July.
Inflation forecast for 2024 was maintained at 2.5 percent and that for 2026 at 1.9 percent.
Japan Retail Sales Gain 0.5% On Year In September
(RTTNews) - The value of retail sales in Japan was up 0.5 percent on year in September, the Ministry of Economy, Trade and Industry said on Thursday - coming in at 13.489 trillion yen.
That missed forecasts for an increase of 2.1 percent and was down from 3.1 percent in the previous month.
On a monthly basis, sales slipped 2.3 percent after rising 1.0 percent in August.
For the third quarter of 2024, sales rose 1.1 percent on quarter and 2.1 percent on year to 41.610 trillion yen.
Japan Industrial Output Climbs 1.4% In September
(RTTNews) - Industrial production in Japan was up a seasonally adjusted 1.4 percent on month in September, the Ministry of Economy, Trade and Industry said on Thursday.
That beat forecasts for an increase of 0.9 percent following the 3.3 percent contraction in August.
On a yearly basis, industrial production was down 2.8 percent.
Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.
Shipments were up 2.3 percent on month and down 4.3 percent on year, while inventories rose 0.1 percent on month and fell 1.3 percent on year. The inventory ratio was down 3.8 percent on month and up 3.0 percent on year.
According to the METI's forecast of industrial production, output is expected to jump 8.3 percent on month in October and then fall 3.7 percent in November.
Yen Rises After BoJ Keeps Key Rate Unchanged
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Thursday, after the Bank of Japan left its key interest rate unchanged as widely expected on Thursday and retained a cautious approach as political instability and looming U.S. presidential election added concerns about economic outlook.
In a unanimous vote, the Policy Board decided to maintain the uncollateralized overnight call rate to remain at around 0.25 percent. This was the highest since late 2008.
The BoJ had ended its negative interest rate policy in March and last lifted the benchmark rate in July to the current level. So far, the bank has tightened the policy twice this year.
The bank said it needs to pay close attention to overseas economies, especially the U.S., and developments in global financial markets.
While U.S. election due next week added uncertainty surrounding overseas economies, the ruling Liberal Democratic Party's election loss added domestic uncertainty.
Inflation forecast for 2024 was maintained at 2.5 percent and that for 2026 at 1.9 percent.
Investors are now awaiting the post-meeting press conference, where comments from BoJ Governor Kazuo Ueda are anticipated.
Meanwhile, traders are cautious and remain on the sidelines ahead of key U.S. economic data due this week and next week's U.S. presidential election. They also continue to assess the ongoing geopolitical tensions in the Middle East.
Traders looked ahead to a slew of U.S. economic data, including personal income and spending, which includes the U.S. Fed's preferred inflation readings, as well as tech megacap earnings for directional cues.
In economic news, data from the Ministry of Economy, Trade and Industry or METI showed that the value of retail sales in Japan was up 0.5 percent on year in September, coming in at 13.489 trillion yen. That missed forecasts for an increase of 2.1 percent and was down from 3.1 percent in the previous month. On a monthly basis, sales slipped 2.3 percent after rising 1.0 percent in August. For the third quarter of 2024, sales rose 1.1 percent on quarter and 2.1 percent on year to 41.610 trillion yen.
The METI also said industrial production in Japan was up a seasonally adjusted 1.4 percent on month in September. That beat forecasts for an increase of 0.9 percent following the 3.3 percent contraction in August. On a yearly basis, industrial production was down 2.8 percent. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.
Data from the Ministry of Land, Infrastructure, Transport, and Tourism showed that Japan's housing starts decreased for the fifth straight month in September, though at a slower-than-expected pace. Housing starts dropped 0.6 percent year-on-year in September, much slower than the 5.1 percent fall in the previous month. Economists had expected a decrease of 4.1 percent.
In the Asian trading today, the yen rose to a 2-day high of 165.07 against the euro, a 6-day high of 152.06 against the U.S. dollar and a 3-day high of 175.86 against the Swiss franc, from an early 3-month low of 166.09, a 2-day low of 153.59 and nearly a 3-1/2-month low of 177.29, respectively. If the yen extends its uptrend, it is likely to find resistance around 158.00 against the euro, 148.00 against the greenback and 170.00 against the franc.
The yen advanced to a 6-day high of 197.22 against the pound, from an early low of 198.92. On the upside, 195.00 is seen as the next resistance level for the yen.
Against Australia, the New Zealand and the Canadian dollars, the yen climbed to nearly a 2-week high of 99.97, a 6-day high of 90.88 and an 8-day high of 109.30 from early lows of 100.92, 91.82 and 110.39, respectively. The next possible upside target for the yen is seen around 98.00 against the aussie, 89.00 against the kiwi and 107.00 against the loonie.
Looking ahead, Eurozone flash inflation for October and unemployment data for September are due to be released in the European session.
In the New York session, Canada GDP data for August, U.S. weekly jobless claims data, U.S. PCE price index for September, U.S. personal income and spending for September and U.S. Chicago PMI for October are slated for release.
U.S. Consumer Prices Increase In Line With Estimates In September
(RTTNews) - The Commerce Department on Thursday released its report on U.S. personal income and spending in the month of September, which includes the Federal Reserve's preferred readings on consumer price inflation.
The report said the personal consumption expenditures (PCE) price index rose by 0.2 percent in September after inching up by 0.1 percent in August. The modest increase matched economist estimates.
The annual rate of growth by the PCE price index slowed to 2.1 percent in September from 2.3 percent in August, which was also in line with expectations.
The Commerce Department also said the core PCE price index, which excludes food and energy prices, climbed by 0.3 percent in September after rising by 0.2 percent in August. The increase was also in line with estimates.
Meanwhile, the annual rate of growth by the core PCE price index in September was unchanged from the previous month at 2.7 percent, while economists had expected the pace of growth to slow to 2.6 percent.
The report also said personal income increased by 0.3 percent in September after rising by 0.2 percent in August. The growth matched economist estimates.
Personal spending grew by 0.5 percent in September after climbing by 0.3 percent in August. Spending was expected to rise by 0.4 percent.
Sensex, Nifty Extend Losses For Second Day
(RTTNews) - Indian shares fell notably on Thursday to extend losses from the previous session as investors awaited U.S. non-farm payrolls figures, inflation data and next week's presidential election for insight into the Federal Reserve policy.
Also, geopolitical tensions simmered after North Korea fired an intercontinental ballistic missile, which flew for 86 minutes - the longest flight recorded yet - before falling into waters off its eastern coast.
The benchmark SP/BSE Sensex ended the session down 553.12 points, or 0.69 percent, at 79,389.06, with IT, financials and FMCG stocks leading losses.
The broader NSE Nifty index dropped 135.50 points, or 0.56 percent, to 24,205.35 on the back of weak cues from global markets.
Among the prominent decliners, Infosys, Asian Paints, TCS, Tech Mahindra and HCL Technologies lost 2-4 percent.
Global cues were sluggish as investors reacted to mixed earnings from U.S. technology companies and signals from the Bank of Japan that further rate rises were still on the horizon.
The dollar was steady, and gold dipped from recent record highs while oil extended gains from the previous session, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories.
Domestic stock markets will remain closed on Friday on account of Diwali. However, there will be a special one-hour Muhurat trading session between 6.00 pm and 7.00 pm.
New Zealand Building Permits Rise 2.6% In September
(RTTNews) - The total number of building permits issued in New Zealand was up a seasonally adjusted 2.6 percent on month in September, Statistics New Zealand said on Friday - after slumping 5.2 percent in August.
In September, there were 2,943 new dwellings consented, comprising 1,378 stand-alone houses; 1,091 townhouses, flats, and units; 277 apartments; and 197 retirement village units.
In the year ended September 2024, the actual number of new dwellings consented was 33,677, down 17 percent on year.
The annual value of non-residential building work consented was NZ$9.1 billion, down an annual 6.4 percent from September 2023.
Dollar Turns In Mixed Performance Ahead Of Jobs Data
(RTTNews) - The U.S. dollar recovered from early losses on Thursday after fairly encouraging economic data dashed hopes of any aggressive interest rate cut by the Federal Reserve next week, but gave up gains as the day progressed with investors awaiting non-farm payroll data due on Friday, and the presidential election next week.
In economic releases today, the Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2% in September and the annual rate of growth slowed to 2.1%, which both matched expectations.
However, the annual rate of growth by the core PCE price index, which excludes food and energy prices, was unchanged from the previous month at 2.7%. Economists had expected the pace of growth to slow to 2.6%.
The slightly faster than expected core price growth may have added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
A report from the Labor Department showed initial jobless claims unexpectedly fell to a five-month low last week.
MNI Indicators released a report on Thursday showing its reading on Chicago-area business activity unexpectedly tumbled to a five-month low in October.
The report said MNI Indicators' Chicago business barometer slumped to 41.6 in October from 46.6 in September, with a reading below 50 indicating contraction. Economists had expected the business barometer to inch up to 47.0.
The dollar index, which climbed to 104.20 around mid morning, dropped to 103.90, losing about 0.1% from the previous close.
Against the Euro, the dollar weakened to 1.0884 from 1.0858. The dollar firmed to 1.2898 against Pound Sterling, gaining from 1.2961.
Against the Japanese currency, the dollar weakened to 152.08 yen a unit, from 153.42 yen, after the Bank of Japan kept its key rate unchanged. The dollar weakened a bit against the Aussie at 0.6580.
The Swiss franc strengthened to 0.8634 against the U.S. dollar, firming from 0.8666, while the Loonie was weak at 1.3925 a unit of greenback.
European Shares Decline Ahead Of Inflation Data
(RTTNews) - European stocks were slightly lower on Thursday as investors assessed the latest batch of earnings and awaited the closely watched preliminary euro zone inflation reading for clues to the ECB's rate trajectory.
Eurostat is scheduled to issue euro area flash inflation and unemployment data.
Inflation is expected to rise to 1.9 percent in October from 1.7 percent in September. The jobless rate is seen unchanged at 6.4 percent.
Meanwhile, Germany's retail sales grew unexpectedly in September on non-food turnover, data released by Destatis showed earlier today.
Retail turnover increased 1.2 percent on a monthly basis in September, confounding expectations for a decline of 0.7 percent.
On a yearly basis, retail sales registered an expansion of 3.8 percent, which was stronger than the expected increase of 1.6 percent.
The pan European STOXX 600 was down 0.6 percent at 508.37 after declining 1.3 percent in the previous session.
The German DAX and the U.K.'s FTSE 100 both shed around 0.6 percent, while France's CAC 40 gave up 0.7 percent.
British banks such as HSBC and Lloyd were moving higher after the Labour government's first budget in nearly 15 years avoided new taxes on the banking sector.
Denmark's Danske Bank surged 4 percent after raising its full-year earnings outlook.
French banking major BNP Paribas plunged more than 6 percent after its Q3 results revealed strains in its consumer finance and car-leasing divisions.
Peer Societe Generale soared 8 percent after posting strong Q results on strong revenue growth.
Airbus SE rallied 3.2 percent after reaffirming its goal to deliver about 770 aircraft this year.
French oil major TotalEnergies fell 2.6 percent after Q3 adjusted EPS missed estimates.
Shell gained 1 percent in London after launching a new share buyback program.
South Korea Trade Data Due On Friday
(RTTNews) - South Korea will on Friday see October numbers for imports, exports and trade balance, highlighting a busy day for Asia-Pacific economic activity.
Imports are expected to rise 2.3 percent on year, up marginally from 2.2 percent in September. Exports re called higher by an annual 6.1 percent, easing from 7.5 percent in the previous month. The trade surplus is pegged at $4.60 billion, down from $6.66 billion a month earlier.
Australia will provide September data for building approvals and home loans, plus Q3 figures for producer prices. Approvals are expected to add 1.9 percent on month after slumping 6.1 percent in August. Home loans rose 0.7 percent in August, while producer prices were up 1.0 percent on quarter and 4.8 percent on year in Q2.
Indonesia will release October numbers for consumer prices; in September, overall inflation was down 0.12 percent on month and up 1.84 percent on year, while core CPI added an annual 2.09 percent.
Hong Kong will provide September figures for retail sales; in August, sales dropped 10.1 percent on year.
New Zealand will release September data for building permits; in August, permits were down 5.3 percent on month.
Finally, a number of the regional nations will see October results for their respective manufacturing PMIs from SP Global, including Australia (Judo Bank), Indonesia, Japan (Jibun Bank), Malaysia, South Korea, Taiwan, Thailand, Vietnam and China (Caixin).
Canadian Stocks Tumble; TSX Falls To 3-week Low
(RTTNews) - The Canadian market ended sharply sharply lower on Thursday due to heavy selling at several counters, as disappointing earnings updates from U.S. tech majors Microsoft Inc., and Meta Platforms, and uncertainty about the outlook for interest rate cuts, weighed on sentiment.
The benchmark SP/TSX Composite Index ended down 350.92 points or 1.43% at 24,156.87. The index tumbled to a low of 24,098.49, a three-week low, in the session.
Technology, materials, consumer staples, real estate, financials and energy stocks closed sharply lower. Consumer discretionary and industrials stocks too ended with notable losses. Healthcare stocks found some support.
Open Text Corporation (OTEX.TO) tanked 11.1% after the company reported first-quarter net income of $84 million, compared with $81 million a year ago.
Badger Infrastructure Solutions (BDGI.TO) dropped 10.5%. The company posted adjusted net earnings of $25 million in the three months ended September 30, 2024, compared with $23.8 million in the year-ago quarter.
Morguard Corporation (MRC.TO) ended down 4.4%. West Fraser Timber (WFG.TO) lost 3.7%, while Constellation Software (CSU.TO), Canadian Tire Corporation (CTC.A.TO), Franco-Nevada Corporation (FNV.TO) and Descartes Systems Group (DSG.TO) lost 2.2 to 3.1%.
Royal Bank of Canada (RY.TO), Loblaw Companies (L.TO), George Weston (WN.TO), Thomson Reuters (TRI.TO), Intact Financial Corporation (IFC.TO), FirstService Corporation (FSV.TO) and Fairfax Financial Holdings (FFH.TO) ended down 1.2 to 2%.
Bausch Health Companies (BHC.TO) zoomed 12.7% after the company reported its sixth consecutive quarter of year-over-year growth in both Revenue and Adjusted EBITDA. Third quarter consolidated revenues of $2.51 billion, up 12% on a Reported basis and 9% on an Organic (non-GAAP) basis, with growth in all segments, the company said.
Capital Power Corporation (CPX.TO) gained about 4%. Gildan Activewear (GIL.TO) gained about 1.3%. The company announced that it posted net earnings of $131.5 million in the third-quarter, up from $127.4 million in the year-ago quarter. The stock is up with a modest gain.
Rogers Communications (RCI.A.TO), Dayforce (DAY.TO) and Emera Incorporated (EMA.TO) advanced 1 to 1.8%.
Canada's GDP likely grew by 0.3% in September, data from Statistics Canada showed. Economic growth in August, however, was stagnant, consistent with preliminary estimates and market expectations.
Wages in Canada increased 4.6% in August 2024 over the same month in the previous year, a separate data from Statistics Canada said.
A report from the Canadian Federation of Independent Business said the CFIB's Business Barometer, a long-term index reflecting 12-month forward expectations for business performance in the country, edged up to 55.8 in October 2024 from an upwardly revised 55.1 in September.
Bay Street Seen Opening On Weak Note
(RTTNews) - Canadian stocks are likely to open on a weak note Thursday morning, weighed down by weak commodity prices, and global stocks. Disappointing earnings from U.S. tech giants Meta Platforms and Microsoft may also weigh.
Canadian GDP data for the month of August is due at 8:30 AM ET. Canada's GDP is expected to remain unchanged in August, after expanding by 0.2% in July.
A report from the Canadian Federation of Independent Business said the CFIB's Business Barometer, a long-term index reflecting 12-month forward expectations for business performance in the country, edged up to 55.8 in October 2024 from an upwardly revised 55.1 in September.
Canadian Natural Resources Inc (CNQ.TO) reported net earnings of $2,266 milliom for the quarter ended September 30, 2024, compared with net earnings of $2,344 million in the year-ago quarter.
Cenovus Energy Inc (CVE.TO) reported third-quarter net earnings of $820 million, compared with $1,000 million in the year-ago quarter.
Open Text Corporation (OTEX.TO) reported first-quarter net income of $84 million, compared with $81 million a year ago.
Gildan Activewear Inc (GIL.TO) said posted net earnings of $131.5 million in the third-quarter, up from $127.4 million in the year-ago quarter.
Veren Inc (VRN.TO) reported net income of $277.2 million for the quarter ended September 30, 2024, as against net loss of $809.9 million a year ago.
The Canadian market ended weak on Wednesday, weighed down by losses in materials and technology sectors. Investors digested earnings updates from Canadian and U.S. companies, and awaited U.S. non-farm payroll data and Canadian GDP report, due later in the week.
The benchmark SP/TSX Composite Index ended down 54.76 points or 0.22% at 24,507.79 after scaling a low of 24,428.10 and a high of 24,571.26 intraday.
Asian stocks ended broadly lower on Thursday, as investors reacted to mixed earnings from U.S. technology companies and signals from the Bank of Japan that further rate increases are still on the horizon.
Chinese markets bucked the weak regional trend ahead of a highly anticipated top legislative bond meeting scheduled in Beijing on November 4-8, with investors awaiting details of stimulus measures.
European stocks are down in negative territory Thursday afternoon, weighed down by data showing a bigger than expected increase in eurozone inflation.
In commodities, West Texas Intermediate Crude futures are up $0.49 or 0.71% at $69.10 a barrel.
Gold futures are down $9.90 or 0.35% at $2,790.90 an ounce, while Silver futures are lower by $0.310 or 0.91% at $33.765 an ounce.
French Inflation Rises Less Than Forecast
(RTTNews) - France's consumer price inflation rose at a slower-than-expected pace in October, provisional estimate from the statistical office INSEE showed on Thursday.
Consumer price inflation rose slightly to 1.2 percent in October from 1.1 percent in September. The rate was forecast to climb to 1.9 percent.
Similarly, harmonized inflation edged up to 1.5 percent, as expected, from 1.4 percent a month ago. Inflation remained below the European Central Bank's target of 2 percent.
Food prices grew at a faster rate of 0.6 percent after a 0.5 percent gain. At the same time, the annual decline in energy prices slowed to 2.0 percent from 3.3 percent.
Manufactured products prices dropped 0.2 percent, following a 0.3 percent decrease. Services inflation softened to 2.2 percent from 2.4 percent.
On a monthly basis, consumer prices rose 0.2 percent, in contrast to the 1.2 percent decrease in September. The rate matched expectations.
Likewise, the harmonized index of consumer prices gained 0.3 percent after a 1.3 percent fall in the previous month. The rate was forecast to climb 0.2 percent. Final data is due on November 15.
Another data from INSEE showed that producer prices dropped for the tenth consecutive month in September. The decline in producer prices deepened to 7.0 percent from 6.3 percent in August.
Month-on-month, producer prices slid 0.1 percent, reversing a 0.3 percent rise in August.
U.S. Weekly Jobless Claims Fall To 216,000
(RTTNews) - With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing an unexpected decline by first-time claims for U.S. unemployment benefits in the week ended October 26th.
The report said initial jobless claims fell to 216,000, a decrease of 12,000 from the previous week's revised level of 228,000.
Economists had expected jobless claims to inch up to 230,000 from the 227,000 originally reported for the previous week.
With the unexpected decrease, jobless claims dropped to their lowest level since hitting a matching figure in the week ended May 18th.
The Labor Department said the less volatile four-week moving average also dipped to 236,500, a decrease of 2,250 from the previous week's revised average of 238,750.
Canadian Market Headed For Weak Close
(RTTNews) - With several stocks from across various sectors reeling under sustained selling pressure, the Canadian market looks headed for a very weak close on Thursday.
Disappointing earnings updates from U.S. tech majors Microsoft Inc., and Meta Platforms, anxiety ahead of U.S. presidential election and the Federal Reserve's monetary policy meeting, and weak commodity prices are weighing on the Canadian market.
The benchmark SP/TSX Composite Index, which dropped to 24,098.49 earlier in the session, was down 312.46 points or 1.27% at 24,195.33 a little while ago.
With technology stocks declining sharply, the Information Technology Capped Index is down nearly 3%. The Materials Capped Index and the Energy Capped Index are down 2.5% and 1.9%, respectively.
Financials, consumer staples, real estate, consumer discretionary and industrials shares are mostly down in negative territory.
Healthcare stock Bausch Health Companies (BHC.TO) is up 11.2% after the company reported its sixth consecutive quarter of year-over-year growth in both Revenue and Adjusted EBITDA.
Third quarter consolidated revenues of $2.51 billion, up 12% on a Reported basis and 9% on an Organic (non-GAAP) basis, with growth in all segments, the company said.
Canadian Natural Resources Inc (CNQ.TO) reported net earnings of $2,266 milliom for the quarter ended September 30, 2024, compared with net earnings of $2,344 million in the year-ago quarter. The stock is down by about 0.5%.
Cenovus Energy Inc (CVE.TO) is down nearly 4%. The company reported third-quarter net earnings of $820 million, compared with $1,000 million in the year-ago quarter.
Open Text Corporation (OTEX.TO) is down more than 11% after the company reported first-quarter net income of $84 million, compared with $81 million a year ago.
Gildan Activewear Inc (GIL.TO) said posted net earnings of $131.5 million in the third-quarter, up from $127.4 million in the year-ago quarter. The stock is up with a modest gain.
Veren Inc (VRN.TO) is plunging 13.6% after the company reported net income of $277.2 million for the quarter ended September 30, 2024, as against net loss of $809.9 million a year ago.
Canada's GDP likely grew by 0.3% in September, data from Statistics Canada showed. Economic growth in August, however, was stagnant, consistent with preliminary estimates and market expectations.
Wages in Canada increased 4.6% in August 2024 over the same month in the previous year, a separate data from Statistics Canada said.
A report from the Canadian Federation of Independent Business said the CFIB's Business Barometer, a long-term index reflecting 12-month forward expectations for business performance in the country, edged up to 55.8 in October 2024 from an upwardly revised 55.1 in September.
Soft Start Anticipated For Singapore Stock Market
(RTTNews) - Ahead of Thursday's Deepavali holiday, the Singapore stock market turned lower again, one day after snapping the two-day losing streak in which it had slipped more than 20 points or 0.6 percent. The Straits Times Index now sits just beneath the 3,560-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The STI finished modestly lower on Wednesday as losses from the financial shares and industrials were tempered by support from the property sector.
For the day, the index dropped 31.48 point or 0.88 percent to finish at 3,558.88 after trading between 3,553.85 and 3,592.98.
Among the actives, CapitaLand Integrated Commercial Trust skidded 0.98 percent, while CapitaLand Investment slumped 1.06 percent, City Developments and Yangzijiang Shipbuilding both advanced 0.78 percent, Comfort DelGro added 0.68 percent, DBS Group surrendered 1.60 percent, Genting Singapore lost 0.60 percent, Hongkong Land skyrocketed 10.80 percent, Keppel DC REIT plunged 2.14 percent, Keppel Ltd stumbled 1.54 percent, Mapletree Pan Asia Commercial Trust dropped 0.76 percent, Mapletree Industrial Trust gained 0.42 percent, Mapletree Logistics Trust sank 0.75 percent, Oversea-Chinese Banking Corporation retreated 1.56 percent, SATS rose 0.25 percent, SembCorp Industries tanked 1.95 percent, Singapore Technologies Engineering plummeted 2.16 percent, SingTel tumbled 1.57 percent, Thai Beverage rallied 0.95 percent, Wilmar International shed 0.62 percent, Yangzijiang Financial declined 1.23 percent and Emperador, Seatrium Limited and Frasers Logistics Commercial Trust were unchanged.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Tech Shares Likely To Weigh On Taiwan Stock Market
(RTTNews) - Ahead of the unscheduled day off because of Typhoon Kong-Rey, the Taiwan stock market had moved lower in three straight sessions, stumbling more than 525 points or 2.5 percent along the way. The Taiwan Stock Exchange now rests just above the 22,820-point plateau and it's expected to open under pressure again on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The TSE finished modestly lower on Wednesday as losses from the technology stocks and plastics were offset by support from the financial sector.
For the day, the index sank 106.16 points or 0.46 percent to finish at 22,820.43 after trading between 22,801.45 and 23,116.33.
Among the actives, Cathay Financial added 0.58 percent, while Mega Financial collected 0.51 percent, First Financial perked 0.18 percent, E Sun Financial rose 0.37 percent, Taiwan Semiconductor Manufacturing Company dropped 0.96 percent, United Microelectronics Corporation shed 0.52 percent, Hon Hai Precision advanced 0.95 percent, Largan Precision lost 0.65 percent, Catcher Technology dipped 0.21 percent, MediaTek sank 0.77 percent, Delta Electronics fell 0.49 percent, Novatek Microelectronics was down 0.20 percent, Formosa Plastics declined 0.84 percent, Nan Ya Plastics slumped 0.36 percent, Asia Cement was up 0.11 percent and Fubon Financial and CTBC Financial were unchanged.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the SP 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Swiss Market Ends Weak Again
(RTTNews) - For the second consecutive day, the Switzerland market languished in red right through the day's session, as weak earnings updates from U.S. technology majors Microsoft Inc., and Meta Platforms, and weak euro zone inflation data hurt sentiment and sent stock prices drifting down south on Thursday.
The mood was extremely cautious with investors looking ahead to Swiss inflation data and retail sales report, due on Friday. A reading on the country's manufacturing activity in the month of October is due as well.
The benchmark SMI ended down 174.78 points or 1.46% at 11,792.92. The index touched a low of 11,745.30 in the session.
Swisscom lost 5.05% and Partners Group ended 3.71% down. Julius Baer, UBS Group, VAT Group, Sonova and Roche Holding ended lower by 2 to 2.5%.
Alcon, Logitech International, Novartis, Swatch Group, ABB, SIG Group, Straumann Holding, Givaudan, Swiss Life Holding, Richemont, Nestle, Zurich Insurance, and Holcim lost 1 to 1.9%.
Avolta ended nearly 2.5% down, despite the company confirming its medium-term targets after reporting strong third-quarter results.
Geberit bucked the trend and moved up by about 4.7%. The company booked a year-over-year rise in third-quarter net income and net sales to 150 million francs and 762 million francs, respectively, from 148 million francs and 728 million francs.
Eurozone inflation accelerated more than expected in October on food and energy prices but it remained within the target of the European Central Bank, bolstering the case for a gradual monetary policy easing.
The harmonized index of consumer prices posted an annual growth of 2%, the flash estimate from Eurostat showed. Inflation was forecast to rise to 1.9% from 1.7% in September.
Core inflation that excludes energy, food, alcohol and tobacco, remained unchanged at 2.7% in October. The rate was seen at 2.6%.
