Bay Street Likely To Open Weak

2024-07-21 2158
(fxcue news) - Falling crude oil and metal prices, and weak European markets point to a negative start for Canadian shares on Thursday. Investors will also be reacting to key economic data from the U.S., and a slew of earnings updates from Canadian and U.S. companies. Loblaw Companies Ltd. (L.TO) reported adjusted net earnings of $664 million for the second quarter, an increase of $38 million, or 6.1%, compared to a year ago. FirstService Corporation (FSV.TO) reported adjusted EBITDA of $59.1 million for the second quarter, compared to $55.7 million in the year-ago quarter. Bombardier Inc (BBD.A.TO) reported adjusted net income of $111 million for the quarter ended June 2024, compared to $80 million in the year-ago quarter. Veren Inc. (VRN.TO) reported net income of $261.0 million, or $0.42 per share diluted, for the quarter ended June 30, 2024. Mullent Group Ltd. (MTL.TO) reported a net income of $32.9 million for the quarter ended June 30, 2024, compared to $36.5 million a year ago. Centamin Plc (CEE.TO) reported a profit of $83.36 million in the first half of the current financial year, compared to $90.97 million in the year-ago period. Basic earnings per share were 7.19 US cents, down 9% from 7.86 US cents last year. Despite the Canadian central bank's decision to reduce interest rates by 25 basis points, the Canadian market ended weak on Wednesday due to a sell-off in technology stocks after a few big name U.S. tech firms reported disappointing quarterly numbers. The benchmark S&P/TSX Composite Index ended down 174.18 points or 0.76% at 22,639.57, the day's low. The index briefly moved into positive territory at the start, rising to 22,844.82. Asian stocks plunged on Thursday as a disappointing start of the mega-cap U.S. earnings season prompted investors to pull back on the artificial-intelligence frenzy. A surprise rate cut in China also offered a reality check regarding the challenges facing the world's second-largest economy. European stocks are down firmly in negative territory on disappointing earnings from big name U.S. companies, concerns over Chinese demand, and weak German business sentiment data. In commodities, West Texas Intermediate Crude oil futures are down $1.47 or 1.9% at $76.12 a barrel. Gold futures are down $48.00 or nearly 2% at $2,367.70 an ounce, Silver futures are down $1.616 or 5.51% at $27.700 an ounce, and Copper futures are lower by $0.0330 or 0.8% at $4.0760 per pound.
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