News Column

TSX to grow on China data

July 16, 2014



Mfg. sales released







Equities in Toronto looked set to open higher on Wednesday, after better-than-expected Chinese growth figures boosted investor sentiment.

The S&P/TSX composite index fell 89.91 points to close Tuesday at 15,081.32

The Canadian dollar inched lower 0.03 cents to 92.92 cents U.S. early Wednesday

Bombardier Inc reached the 500 mark for deals for its Q400 turboprop model and for its CSeries airliner with three contracts announced at the Farnborough Airshow.

A Canadian regulator said on Tuesday it had delayed a decision on Kinder Morgan Energy Partner's Trans Mountain expansion project by about six months to January 2016, after requesting additional information from the pipeline company on changes to a small portion of the route.

Russia's Severstal has agreed to sell Pennsylvania-based metallurgical coal producer PBS Coals to Canada's Corsa Coal Corp for an enterprise value of $140 million, that word from the Russian company on Tuesday.

CIBC raised the price target on Alimentation Couche-Tard to $35 from $34, with a sector perform rating

Bank of Canada's rate decision is due at 10 a.m. ET. The central bank is widely expected to hold rates at 1%, but investors will look for any reactions to recent stronger-than-expected inflation.

Elsewhere on the economic front, Statistics Canada reported this morning that manufacturing sales rose 1.6% to $51.6 billion in May, the fourth increase in five months.

ON BAYSTREET

The TSX Venture Exchange fell 13.64 points Tuesday to 1,006.58.

ON WALLSTREET

Good news for the global economy could set the tone for markets Wednesday after China turned in a stronger than expected performance in the second quarter.

Ahead of the opening bell, futures for the Dow Jones Industrials picked up 53 points, or 0.3%, higher to 17,041. Futures for the S&P 500 gained seven points, or 0.4%, to 1,975.00, and futures for the NASDAQ hiked 22 points, or 0.6%, to 3,934.50

After JPMorgan and Goldman Sachs both beat expectations with their quarterly reports Tuesday, it's Bank of America's turn to publish earnings before the opening bell Wednesday.

PNC reported a quarter-to-quarter slip in net income. eBay will report after the close.

Time Warner shares surged 14% in pre-market trading following a New York Times report that Rupert Murdoch's 21st Century Fox made a $80-billion U.S. bid for the media company in recent weeks but was rebuffed.

Shares of Intel rose by nearly 5% pre-market after the company posted earnings that beat expectations and announced plans to boost its share repurchase program by $20 billion U.S.

Shares of both IBM and Apple were also nearly 2% firmer in pre-market trading after they announced they would join forces to offer iPhones and iPads preloaded with special software developed by IBM.

Yahoo was heading in the opposite direction, falling more than 2% pre-market after second-quarter revenue and profits missed forecasts.

The world's second biggest economy grew by 7.5% compared with the same period last year, despite continued worries about a slowdown in real estate. It was the first time the economy has accelerated in three quarters, putting China on a somewhat better footing to reach its official growth target of 7.5% for 2014.

European markets bounced about 1% higher, encouraged by China's growth figures, and U.S. stock futures were trading about 0.3% firmer.

Oil prices gained 77 cents to $100.73 U.S. a barrel

Gold prices tacked on 90 cents to $1,298.00 U.S. an ounce.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Baystreet Stock Market Update (Canada)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters