Gains in technology shares sent the Nasdaq Composite Index above 9,000 for the first time. Gold advanced and the dollar drifted lower in holiday-thinned trading.
Amazon.com Inc. was among the top equity performers after the e-commerce giant reported a “record breaking” holiday season. Ten-year Treasury yields fluctuated around 1.9 per cent while the dollar slipped versus major peers as U.S. jobless claims data came in close to expectations. The Japanese yen headed for its biggest drop in two weeks.
European markets remained shuttered. Shares ended higher in Tokyo, Shanghai and Seoul, while exchanges were closed in Hong Kong and Sydney.
Investors are pushing the US$51 trillion MSCI ACWI Index of global stocks toward a more-than eight per cent dvance in the final three months of the year, a quarterly performance only bettered a handful of times in the past decade. As traders digest data showing strong consumer confidence, attention now turns to January, when they’ll look for the U.S. and China to consummate a phase-one trade agreement.
“The consumer continues to be shown as the supporting pillar,” said Tim Courtney, chief investment officer at Exencial Wealth Advisors. “They’re continuing to spend and they’re not cutting back.”
In China, the overnight repo rate fell to the lowest level since 2009 Thursday in wake of recent liquidity injections by the central bank.
Elsewhere, the pound rose for a third session. Crude oil climbed above US$61 a barrel in New York. Gold advanced beyond US$1,500 an ounce, having increased every session this week.
Here are some events that may be of interest this week:
Japan retail sales and industrial production are scheduled for Friday.
And here are some of the major market moves:
Stocks
The S&P 500 Index gained 0.5 per cent at the close of trading in New York; the Nasdaq added 0.8 per cent.
The MSCI Asia Pacific Index rose 0.2 per cent.
The MSCI All-Country World Index added 0.3 per cent.
Currencies
The Bloomberg Dollar Spot Index dipped 0.2 per cent.
The British pound increased 0.3 per cent to US$1.3002.
The euro rose 0.1 per cent to US$1.11.
The Japanese yen weakened 0.2 per cent to 109.64 per dollar.
Bonds
The yield on 10-year Treasuries slipped one basis point to 1.89 per cent.
The yield on two-year Treasuries rose one basis point to 1.63 per cent.
Commodities
West Texas Intermediate crude futures increased 0.9 per cent to US$61.63 a barrel.
Gold gained 0.8 per cent to US$1,511.58 an ounce.
–With assistance from Christopher Anstey and Todd White.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
