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Toronto futures down tracking sour global mood

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Canada’s main stock index was poised to open lower on Thursday after hitting a three-week high in the prior session, tracking sour global sentiment, although further losses were limited by stronger crude prices.

March futures on the S&P/TSX index were down 0.6% at 6:53 a.m. ET.

A rally for global shares wilted on Thursday as analysts warned of further pain for stocks with no immediate end in sight to the war in Ukraine, even after planned diplomatic talks between Moscow and Kyiv had lent momentum to riskier bets. [MKTS/GLOB]

Meanwhile, oil prices rose after the United Arab Emirates backtracked on statements saying that OPEC and its allies might increase output to help to plug the gap in exports from Russia. [O/R]

Investors were also focused on U.S. consumer price data due later in the day, ahead of the Federal Reserve’s March 15-16 meeting.

The Toronto Stock Exchange’s S&P/TSX composite index ended 1.2% up at 21,493.23 on Wednesday, its highest closing level since Feb. 15. [.TO]

Dow e-minis were down 291 points, or 0.87% at 6:53 a.m. ET, while S&P 500 e-minis were down 34.25 points, or 0.8% and Nasdaq 100 e-minis were down 152.75 points, or 1.11%. [.N]

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Canadian National Railway Co: J.P. Morgan resumes coverage with “neutral” rating

Canadian Pacific Railway Ltd: J.P. Morgan resumes coverage with “overweight” rating

Franco-Nevada Corp: CIBC raises target price to C$260 from C$240

COMMODITIES AT 7:00 a.m. ET

Gold futures: $2009.5; +1.08% [GOL/]

US crude: $113.24; +4.16% [O/R]

Brent crude: $116.7; +5.01% [O/R]

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Continue jobless claim : Prior 1.476 mln

0830 Jobless claim 4week average : Prior 230,500

0830 Initial jobless claim : Expected 216,000; Prior 215,000

0830 CPI Wage Earner for Feb : Prior 276.296

0830 CPI Index  SA for Feb : Prior 281.930

0830 CPI mm NSA for Feb : Prior 0.840%

0830 Real weekly earnings mm for Feb : Prior -0.5%

0830 CPI yy, NSA for Feb : Expected 7.9%; Prior 7.5%

0830 CPI mm, SA for Feb : Expected 0.8%; Prior 0.6%

0830 Core CPI Index, SA for Feb : Prior 286.43

0830 CPI Index, NSA for Feb : Prior 281.148

0830 Core CPI yy, NSA for Feb : Expected 6.4%; Prior 6.0%

Core CPI mm, SA for Feb : Expected 0.5%; Prior 0.6%

1000 Cleveland fed CPI for Feb : Prior 0.6%

1400 Federal budget, for Feb : Prior $119.00 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.28)

 

(Reporting by Amal S in Bengaluru; Editing by Maju Samuel)

Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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