June 19, 2024

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Bay Street Likely To Open Weak

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Canadian shares may open on a negative note on Friday, hurt by hawkish comments from Federal Reserve, Bank of England and European Central Bank officials, and lower metal prices.

Echoing recent hawkish statements from several officials, Powell said on Thursday that the Fed isn’t yet confident they had reached a sufficiently restrictive level of monetary policy to bring inflation down to the 2 percent target.

Algonquin Power & Utilities Corp. (AQN.TO) reported net loss of $174.5 million for their third quarter, down 11% from net loss of $195.2 million in the year ago quarter. However, the company’s earnings missed expectations.

Emera Incorporated (EMA.TO) reported third-quarter net income of $101 million, or $0.37 per common share, compared with net income of $167 million, or $0.63 per common share in the year-ago quarter.

SNC-Lavalin Inc (SNC.TO) reported adjusted net income $67.3 million for the third-quarter, compared with adjusted net income $52.1 million in Q3 2022.

Onex Corporation (ONEX.TO) reported net earnings of $256 million for the quarter ended September 30, 2023, compared with net loss of $180 million in the corresponding quarter of the previous year.

After three successive days of losses, the Canadian market rebounded on Thursday, and despite giving up substantial portion of intraday gains, ended the day’s session on a positive note.

The benchmark S&P/TSX Composite Index, which surged to 19,791.12, gaining more than 260 points in the process, ended the day with a gain of 57.20 points or 0.29% at 19,587.41.

Asian stocks ended weak on Friday as a jump in U.S. bond yields following a disappointing Treasury auction coupled with Fed Chair Jerome Powell’s cautious comments on the rate hike path dashed expectations of a peak in U.S. interest rates.

European stocks are down firmly in negative territory, with hawkish comments from Fed, ECB and BoE officials denting hopes that interest rate hikes are finished.

In commodities, West Texas Intermediate Crude oil futures…

2023-11-10 08:18:15

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