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U.S. The stock futures edged up on Tuesday with Nasdaq futures showing a slightly better start after three days of technical sales with Apple's profits after close. On Bay Street, futures contracts were higher, with a stronger than expected reading of Canadian economic growth, helping to support sentiment. Overnight, European equities were mixed in the morning, and Asian equities weakened, while the Bank of Japan's confidence in sustaining stimulus for a long time pushed down the yen and bond yields. world.
trading with the release of the results of Apple in the middle of a mixed field for FAANG shares (Facebook, Apple, Amazon, Netlix and Google-parent Alphabet), all of which suffered losses at during the previous session. All of the group's shares rebounded before the beginning of the opening of North America. With the exception of Facebook
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"The Apple shares outperformed, only down 0.5%, but only Because investors are turning to the announcement of tonight's third quarter results, but even there, there may be some worries, "said Michael Hewson, Chief Markets Analyst for CMC Markets UK." Average selling prices lower than its T2 update suggested that buyers were opting for cheaper models, perhaps indicating that sales of the iPhone X had peaked. "
being the forerunner of new product launches that often follow in the fourth quarter.The shares of Apple were slightly higher in trade before the sale on Tuesday.
On Bay Street, the profits are like Born early with the results of George Weston, Loblaw's parent. The company posted adjusted earnings per share in the last quarter of $ 1.63, below the $ 1.68 expected by badysts polled by Thomson Reuters. The company also stated that it expects adjusted adjusted earnings for the year to be lower than in the previous year. WestJet Airlines Ltd. and Fortis Inc. and Shopify Inc. also released their results on Tuesday.
External results also gave rise to higher than expected economic growth forecasts in May
. percent for the month, after reading 0.1 percent the previous month. Economists were expecting growth in May close to 0.4%. Statscan says May growth has been widespread with 19 or 20 industry sectors showing gains.
"For the Bank of Canada, it is unlikely that today 's data will change their story, as we have already marked in a robust [second quarter] main economist. TD, Brian DePratto, said, so it is clear that even as the Canadian economy continues to evolve in line with their expectations, monetary tightening will continue. "
European markets also The European STOXX 600 rose by 0.06% at around 6:30 am The British FTSE 100 rose by 0.31% and the French CAC 40 by 0.08% The German DAX slipped by 0.06%. Credit Suisse and BP shares were both higher on high profits
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In Asia, equities end up to be mitigated following the Bank of Japan's largely unchanged decision, the Japanese Nikkei & # 39; ad, ending at 0.04% .The Shanghai Composite Index rose 0.26%. Hong Kong's Hang Seng lost 0.52%
Commodities
Crude prices were lower on Tuesday. Supply concerns were among the market's concerns after a Reuters survey showed that OPEC production reached its highest level of the year. Gross Brent was down with a range of days from $ 74.50 to $ 74.96. For the month, Brent futures were expected to fall by about 6%. This would be the largest monthly decline since July 2016. West Texas Intermediate was also lower in the morning with a range of $ 69.55 to $ 70.22 for the day. WTI is expected to experience a monthly decline of 5.8%, the largest since October 2017.
A Reuters study found that OPEC increased production by 70,000 barrels per day in July to 32 64 million barrels a day. "Oil prices have fallen overnight, with Brent futures facing their biggest monthly loss in two years, with oversupply concerns rising in July to a record high in 2018. "said Dean Popplewell, OANDA badyst. Meanwhile, Brent averaged US $ 72.87 per barrel in 2018, 29 US cents higher than the US $ 72.58 observed in the previous month's survey, and an average of US $ 71.68 this year. . US crude futures prices averaged US $ 67.32 per barrel in 2018. WTI prices averaged US $ 66.15 this year
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In other commodities, gold prices were stable ahead of the US Federal Reserve. The meeting is expected to end Wednesday with no change in interest rates. Spot gold was earlier at 0.1% earlier while the US gold futures were at about the same level.
Currency and Bonds
The Canadian dollar rose after higher growth than expected in May. The loonie climbed after the figures were released, approaching the 77-cent US level. The range of days on the Canadian dollar to date is 76.37 US cents to 76.94 US cents. The top of this scale is listed following the release of the GDP report.
According to Statscan, the economy grew 0.5% in May, exceeding economists' forecasts of a 0.4% growth. Gains were seen in 19 out of 20 sectors.
"Just about every sector was up, so it's useless to list the winners and losers this month," said L & # 39; Chief Economist, CIBC World Markets. "June will be affected by a disruption in energy. The Bank of Canada has already risen once in anticipation of a strong [second quarter] and will likely want to see at least the first reads on Q3 for sure. to ensure that this is not just a quarter after three According to him, unless there is bad news related to trade, the Bank of Canada should again raise its rates in October
. watched for its biggest daily decline in three weeks after the Bank of Japan held policy largely unchanged.The Japanese yen fell 0.4 percent against the US dollar, to 111,595, and about 0, 8 per cent above the 110.75 intraday trough in Asia
"As expected, Japanese policymakers have changed some policies, but reported rates Mr. Popplewell added:" With regard to long-term rates term, the Bank of Japan reiterated that it will continue it to buy [Japan government bonds] to keep its yield over 10 years. at about + 0%, but added that "while doing this, the returns can fluctuate to a certain extent depending on the evolution of economic activity and prices."
In bonds, the 10-year US yield The return on the 30-year note was also lower at 3.073 percent.
Stocks Should See Action
Pfizer Inc. ] Announced a 26% Increase in Quarterly Earnings Tuesday, Boosted by Rising Sales of Its Drugs, Including Treatment bad cancer. The US drug maker said its net income reached US $ 3.87 billion, or 65 US cents per share, in the second quarter, up from US $ 3.07 billion, or US $ 51 per share, a year earlier. earlier. Revenues rose 4.4% to 13.47 billion US dollars
WestJet Airlines Ltd posted a quarterly loss. The carrier reported a net loss of $ 20.8 million, or 18 cents per share, for the second quarter ended June 30, compared to a profit of $ 48.4 million, or 41 cents per share, one year ago. earlier. WestJet's revenues increased from $ 1.06 billion to $ 1.09 billion.
The Manulife Financial Insurance Company announces that it will launch the first medical marijuana program in Canada this fall in conjunction with Shoppers Drug Mart / Pharmaprix. Manulife indicates that the program will be offered as an option for the participating group and individual health plans. As part of this partnership, Shoppers Drug Mart pharmacists from an Ontario health care center will help authorized clients navigate the different strains of medical marijuana and the different ways to consume it [19659003 BP billion in the second quarter, four times the amount reached last year, boosted by rising oil prices. BP's underlying earnings, the company's net income definition, exceeded expectations by $ 2.7 billion, according to a survey provided by the company to badysts. It gained 0.7 billion US dollars a year earlier and 2.6 billion US dollars in the first quarter. Production in the first half of the year reached 3,662 million barrels of oil equivalent per day, including Rosneft, compared to 3.544 mboe / d a year ago.
Shopify Inc recorded a larger quarterly loss. The Ottawa-based company's net loss increased to US $ 24 million, or 23 US cents per share, in the second quarter ended June 30, compared with US $ 14 million, or US 15 cents per share. , one year earlier. Revenue jumped from US $ 151.7 million to US $ 245.0 million.
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Tuesday's Small Cap Values
Economic News
GDP rose 0.5% in May 0.1% increase in April. Economists had forecast a 0.4 percent increase in May.
U.S. Consumer spending rose 0.4% in June, while a key inflation indicator rose at an annual rate of 2.2% for a second consecutive month, with the largest gains in six years, reports the Associated Press. The US Department of Commerce reports that spending growth followed an even stronger 0.5% increase in May, revised from an initial estimate of 0.2%. Revenues rose 0.4% in June, which corresponds to May's increase
With Reuters and The Canadian Press
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Tags Apple39s bell earnings Economy exceed futures growing Grows results sees street TSX wall
