News Column

Futures flat ahead of Wyoming speech

August 22, 2014



RBC out with earnings







Canadian stock futures were little changed on Friday as investors remained on the sidelines ahead of speeches by U.S. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi at the annual gathering of central bankers in Jackson Hole, Wyoming.

The S&P/TSX composite index was negative 6.69 points to close the session out Thursday at 15,555.26. Futures were up only 0.02% Friday.

The Canadian dollar subsided 0.14 cents to 91.25 cents U.S. early Friday.

Royal Bank of Canada reported a 4% increase in quarterly earnings on Friday, driven by strong results from its wealth management and capital markets divisions.

A federal judge in California on Thursday denied a request by Allergan Inc to expedite its civil suit claiming that Valeant Pharmaceuticals International and Pershing Square Capital Management engaged in insider trading ahead of their bid to buy Allergan.

CIBC raised the target price on Algonquin Power & Utilities Corp to $9 from $8.25, maintaining a sector perform rating.

On the economic front, Statistics Canada reported this morning that inflation dipped some last month. Consumer prices rose 2.1% in the 12 months to July, following a 2.4% increase in June. But, on a seasonally-adjusted monthly basis, CPI fell 0.1% in July, after rising 0.3% in June.

The agency also told us that retail sales continued their winning streak in June, up 1.1% to $42.6 billion, to make six straight positive months.

ON BAYSTREET

The TSX Venture Exchange regained 5.46 points Thursday to 1,002.16

ON WALLSTREET

Could U.S. stocks hit yet another record high? It's entirely possible.

Ahead of the opening bell, futures for the Dow Jones Industrials dipped four points to 17,012. Futures for the S&P 500 fell 1.25 points to 1,988.25, and futures for the NASDAQ backed off 1.75 points, or 0.2%, to 4,045.75.

Shares of GameStop rose after the company said its quarterly profit doubled.

Shares of Ross Stores also moved higher after the company reported a jump in quarterly sales and profits.

Rosneft shares drifted 2% lower in Russia after The Financial Times reported a $2-billion U.S. deal with oil trader Vitol has been shelved. The energy giant, which has seen shares fall by 9% since the start of the year, is facing Western sanctions that limit its financing options.

Foot Locker and the Royal Bank of Canada will report earnings before the opening bell.

European markets faltered in early trading. The benchmark indexes in France and Germany both declined by roughly 1%.

In Asia, stock markets mostly closed with small gains

Investors will be paying close attention to Janet Yellen's10 a.m. ET speech at the Jackson Hole Economic Policy Symposium in Wyoming.

The Federal Reserve chief is expected to focus on U.S. employment trends, and investors are hoping she may give some indication about plans for interest rates and monetary policy.

Any surprise statements from Yellen tend to move markets dramatically as people reset their economic expectations.

Oil prices demurred 28 cents to $93.68 U.S. a barrel

Gold prices gained $5.50 to $1,280.60 U.S. an ounce.


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



Source: Baystreet Stock Market Update (Canada)


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