Thursday, 22 August 2019 04:48 GMT
img

Stocks Set to Get Pasted




(MENAFN - Baystreet.ca) Futures for Canada's main stock index were down on Wednesday, as oil prices dropped on concerns over weaker economic data from Europe and China.
The S&P/TSX Composite climbed 113.07 points to end Tuesday at 16,350.84
The Canadian dollar sank 0.41 cents to 75.22 cents U.S. early Wednesday
September futures lost 0.5% Wednesday.
Canada Goose Holdings' first-quarter revenue beat analysts' estimates, as the company sold more expensive jackets and parkas to department stores and opened several retail outlets.
Air Canada said it will launch a direct Seattle-Montreal service next spring with its new A220-300 jets, as the carrier eyes new routes to grow its share of lucrative international transit traffic to and from the United States.
Australia's Aveo Group said it had signed a deal with units of Brookfield Asset Management under which the Canadian firm will buy the Australian retirement home operator for A$1.27 billion.
Canaccord Genuity raised the rating on Absolute Software to buy from hold
National Bank of Canada raised the rating on Centerra Gold to outperform from sector perform
JP Morgan raised the target price on Franco-Nevada to $117.00 from $110.00
ON BAYSTREET
The TSX Venture Exchange stumbled 7.29 points, or 1.2%, Tuesday to 587.40
ON WALLSTREET
U.S. stocks were set to open lower Wednesday morning, giving back some of Tuesday's solid gains, after the U.S. bond market flashed a troubling signal about the U.S. economy.
Futures for the Dow Jones Industrials hurtled earthward 354 points, or 1.4%, to 25,960
Futures for the S&P 500 failed 38.25 points, or 1.3%, at 2,893.75
NASDAQ futures flopped 106.75 points, or 1.4%, to 7,641.25
The yield on the benchmark 10-year Treasury note on Wednesday broke below the two-year rate, an odd bond market phenomenon that has been a reliable indicator for economic recessions.
Bank stocks led the declines in the pre-market as it gets tougher for the group to make a profit lending money in such an environment. Bank of America and Citigroup both fell more than 3% in pre-market trading. J.P. Morgan dropped 2.8%.
In corporate news, Tencent, Macy's, and Canada Goose are among some of the companies expected to report their latest quarterly results before the opening bell.
Cisco Systems, Canopy Growth, and NetApp are some of the companies set to report their latest results after market close.
Investors also remained on edge about the U.S.-China trade war and its impact on the global economy as weaker-than-expected data in China deepened the gloom in the world's second-largest economy. Official data published Wednesday showed growth of China's industrial output slowed to 4.8% in July from a year earlier, marking the latest sign of faltering demand in the country.
The data came after the U.S. moved to delay tariffs on some Chinese imports in the previous session.
Overseas, in Japan, the Nikkei 225 gained 1%, while in the Hong Kong, the Hang Seng index eked up 0.1%
Oil prices fell $1.51 to $55.59 U.S. a barrel.
Gold prices gained $11.60 to $1,525.70 U.S. an ounce.

MENAFN1408201902120000ID1098883345


Stocks Set to Get Pasted

Authors_Square_PromoteArticle2019

  Most popular stories  

Day | Week | Month