The Canadian market has dipped into negative territory shortly after noon on Friday, retracing its initial gains from earlier in the session. Despite encouraging Canadian GDP data and a positive U.S. inflation report bolstering sentiment, cautiousness persists among investors as they await the U.S. Personal Income and Spending data due later today.As of 12:30 PM, the benchmark S&P/TSX Composite Index has declined by 39.83 points, or 0.17%, standing at 23,187.66.On the upside, K-Bro Linen Inc. (KBL.TO), Quebecor Inc. (QBR.A.TO), Canadian Imperial Bank of Commerce (CM.TO), Canadian Apartment Properties Real Estate (CAR.UN.TO), Boardwalk Real Estate Investment Trust (BEI.UN.TO), and Ag Growth International (AFN.TO) are posting gains between 1.3% and 2.4%.Conversely, Laurentian Bank (LB.TO) has dropped by 4.3% after reporting a third-quarter 2024 net income of $34.1 million and diluted earnings per share of $0.67, down from $49.3 million net income and $1.03 diluted earnings per share in the same quarter of 2023.Among other decliners, Canadian Natural Resources (CNQ.TO), Dayforce (DAY.TO), Cogeco Inc. (CGO.TO), Open Text Corporation (OTEX.TO), Bombardier Inc. (BBD.B.TO), Imperial Oil (IMO.TO), Tourmaline Oil Corp. (TOU.TO), Precision Drilling Corporation (PD.TO), Agnico Eagle Mines (AEM.TO), and TFI International (TFII.TO) have fallen between 1% and 2.5%.Canadian Western Bank (CWB.TO) has also experienced a 0.7% decline after reporting a net income of $41 million for the third quarter of its current fiscal year, a 46% drop from the previous quarter.Statistics Canada has revealed that the Canadian economy expanded by 0.5% in Q2 2024, following a 0.4% growth in the prior quarter, marking its second consecutive quarter of expansion. On an annualized basis, the GDP grew by 2.1% in Q2, the highest since Q1 2023, accelerating from an upwardly revised 1.8% increase in the previous quarter and surpassing forecasts of 1.6%.Additionally, the Canadian Federation of Independent Business reported that the Business Barometer Index in Canada, which reflects 12-month forward expectations for business performance, rose to a two-year high of 56.8 in August, up from the upwardly revised 55.5 in July.In U.S. economic developments, the Commerce Department released important readings on U.S. consumer price inflation, a metric closely watched by the Federal Reserve. The report indicated that consumer prices increased in line with economists’ estimates for July, while the annual rate of growth remained unexpectedly flat.The Commerce Department stated that its Personal Consumption Expenditures (PCE) price index rose by 0.2% in July, following a 0.1% increase in June, matching expectations. Meanwhile, the annual rates of growth for the PCE price index and the core PCE price index remained unchanged at 2.5% and 2.6%, respectively.The material has been provided by InstaForex Company – www.instaforex.com
- Roche’s Xofluza Reduces Influenza Transmission In Phase III Study - September 19, 2024
- UK Car Registrations Plummet in August, Marking a Sharp Year-over-Year Decline - September 19, 2024
- Germany’s Car Registrations Plummet by Nearly 28% Year-Over-Year in August 2024 - September 19, 2024
