Latest news with #servicesPMI
Yahoo
6 days ago
- Business
- Yahoo
TSX futures rise with corporate earnings, tariffs on watch
(Reuters) -Futures for Canada's main stock index on Thursday edged higher with strong corporate earnings boosting sentiment, while investors also weighed the impact of U.S. tariff implementation. Futures on the S&P/TSX index rose 0.6% by 06:15 a.m. ET (1015 GMT), after the TSX hit a fresh record high on Wednesday. U.S. President Donald Trump's higher tariff rates kicked in, with Canada facing a 35% rate after failing to reach a trade agreement ahead of the deadline. Corporate earnings continued in full swing a day after e-commerce firm Shopify became the index's most valuable publicly traded company after delivering an upbeat revenue forecast. On the day, Canadian Natural Resources surpassed expectations for second-quarter profit on higher oil and natural gas production. Space firm MDA beat second-quarter revenue estimates driven by higher work volumes in the Satellite Systems business. Maple Leaf Foods raised its fiscal-year outlook and beat second-quarter analysts' estimates for revenue and profit. Data on Wednesday showed that the downturn in Canada's services economy eased in July with firms more optimistic about the outlook for activity, according to S&P Global's Canada services PMI. In commodities, gold prices edged higher on safe-haven demand, driven by U.S. tariffs, while copper and other base metals rose on U.S.-China trade deal hopes. Oil prices steadied on a potential Trump meeting with Russian President Vladimir Putin in the coming days. Toronto's TSX index climbed to a new record high on Wednesday, boosted by Shopify, with technology shares leading gains. 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
Yahoo
6 days ago
- Business
- Yahoo
Canadian dollar touches an eight-day high as risk appetite improves
By Fergal Smith TORONTO (Reuters) -The Canadian dollar strengthened to an eight-day high against its U.S. counterpart on Wednesday as risk appetite picked up and the downturn in Canada's services economy eased. The loonie was trading 0.2% higher at 1.3745 per U.S. dollar, or 72.75 U.S. cents, its fourth straight day of gains. The currency touched its strongest intraday level since July 29 at 1.3740. "We're seeing the Canadian dollar strengthen a little bit despite uncertainty with trade talks still going," said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc. "Markets have been a bit more risk-on today, and that's helped the Canadian dollar." Mexican President Claudia Sheinbaum ruled out a bilateral trade agreement with Canada when asked about the possibility, following what she called a "very good" meeting with top Canadian government ministers a day earlier. Wall Street rose, supported by a string of largely upbeat corporate earnings and rising expectations of a Federal Reserve interest rate cut. The U.S. dollar <.DXY< lost ground against a basket of major currencies and the price of oil, one of Canada's major exports, was up 0.5% at $65.48 a barrel. S&P Global's Canada services PMI data showed that the pace of decline of new business activity has slowed and firms have grown more optimistic about the outlook for activity. The headline Business Activity Index rose to 49.3 last month from 44.3 in June, marking the highest level since November. Separate data showed that Toronto home sales rose 13% month-over-month in July, which is the biggest increase since October 2024. Canadian bond yields edged higher across a steeper curve, tracking moves in U.S. Treasuries. The 10-year yield was up 1.5 basis points at 3.396%, extending its rebound from a four-week low of 3.360% that it touched during Wednesday's session. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Bitcoin ETFs Bleed Millions for 4th Straight Day as U.S. Stagflation Fears Weigh on BTC and Stocks
Investors withdrew money from U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) for the fourth consecutive trading day as U.S. service sector data raised the stagflation bogey. The 11 ETFs registered a cumulative net outflow of $196 million on Tuesday, with Fidelity's FBTC and BlackRock's IBIT accounting for the giant share of the tally, according to data source SoSoValue. Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA The four-day outflow streak, the longest since April, began on Thursday when the ETFs bled $114.83 million, followed by $812.25 million on Friday and $333.19 million on Monday. The U.S. ISM Non-Manufacturing or services PMI released on Tuesday showed tariff-driven inflation, employment weakness and trade disruptions, all pointing to stagflation, the worst outcome for risk assets, including technology stocks and cryptocurrencies. The U.S. stocks dropped, with the tech-heavy Nasdaq index losing 0.7% to reverse Monday's gain. Bitcoin, the leading cryptocurrency by market value, fell over 1% to $112,650, and last changed hands near $114,000, according to CoinDesk data. "Stagflationary mix on the ISM knocking risk here," founders of the newsletter service LondonCryptoClub said on X as markets dropped following the services PMI release. "Services employment contracting, new orders and activity barely expanding, prices rising. Stagflation, of course, is the most toxic combination for risk IF it prevents the Fed being able to cut rates to cushion slowing growth," the founders added. Bets on the Fed rate cut have risen since Friday's disappointing nonfarm payrolls data, which indicated labour market weakness. According to Bloomberg, options linked to the Secured Overnight Financing Rate, which closely tracks the expected trajectory of the Fed's monetary policy, indicate the possibility of cuts in each of the three remaining meetings this year, potentially bringing down rates by a total of 75 basis points in 2025. According to LondonCryptoClub, rising risks to growth and employment will be sufficient for the Fed to cut in September. Ether ETFs register inflows While BTC ETFs registered outflows, ether (ETH) ETFs amassed $73.22 million in investor money, snapping a two-day losing streak. The SEC's guidance that staking activities and the receipt of tokens, under certain conditions, do not constitute securities offerings likely galvanized investor interest in ether ETFs. According to Nate Geraci, president of NovaDius Wealth Management, the guidance has cleared the last hurdle, stopping the market regulator from approving spot ether ETFs with while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Standard
7 days ago
- Business
- Business Standard
Wall Street Slides Amid Tariff Worries and Weak Services Data; Palantir Shines on Strong AI Demand
Investor sentiment dipped due to tariff threats and soft U.S. service sector growth, though select earnings and commodity stocks offered market support. The Nasdaq slid 137.03 points (0.7 %) to 20,916.55, the S&P 500 fell 30.75 points (0.5%) to 6,299.19 and the Dow edged down 61.90 points (0.1%) to 44,111.74. Wall Street faced a downturn amid renewed trade concerns following President Trump's remarks about imposing new tariffs on semiconductors, chips, and pharmaceuticals. He indicated tariffs on drug imports could reach up to 250%. Additionally, weak U.S. service sector data for July further weighed on investor sentiment. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5. Stocks initially rose on the back of strong earnings reports, notably from software firm Palantir (PLTR). The companys shares jumped 7.9 % after it reported a nearly 50 % surge in second-quarter sales, driven by strong demand for its AI services. Oil service stocks substantial moved upwards, resulting in a 3.5% surge by the Philadelphia Oil Service Index. Gold stocks saw significant strength amid a modest increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.9%. Housing and transportation stocks too were notably strong while utilities and semiconductor stocks moved to the downside. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index climbed by 0.6% while China's Shanghai Composite Index advanced by 1%. The major European markets turned in a mixed performance on the day while the French CAC 40 Index edged down by 0.1%, the U.K.'s FTSE 100 Index crept up by 0.2% and the German DAX Index rose by 0.4%. In the bond market, treasuries showed a lack of direction over the course of the session before closing roughly flat. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, edged down by less than a basis point to 4.19%.
Time of India
05-08-2025
- Business
- Time of India
India's services growth scales 11-moth peak in July on global orders
India's services sector growth scaled an 11-month high in July, driven by an increase in new orders, international sales and output, a private survey showed on Tuesday. The HSBC India Services PMI Business Activity Index touched 60.5 in July, the highest since August 2024 and a shade above 60.4 in June, according to the index compiled by S&P Global. A year earlier, the reading was 60.3. Purchasing Managers' Index (PMI) readings above 50 indicate expansion, while those below denote contraction. "At 60.5, the services PMI indicated a strong growth momentum, led by a pickup in new export orders," said Pranjul Bhandari, India chief economist at HSBC. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The expansion in output was primarily due to sustained increases in new business, with survey respondents attributing it to advertising, demand buoyancy and new client onboarding. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Recently. The Noodle Box Undo ET Bureau The rise in July was the second strongest in the past year, following the performance in June. Overseas demand also saw a sharp increase, with firms securing new work from Asia, Canada, Europe, the UAE and the US. The rate of growth in external sales was the second-fastest in a year, after that in May. The finance and insurance sector led in both new orders and business activity, while real estate and business services recorded the slowest expansion. Live Events On average, service providers remained optimistic about future output, supported by expectations of efficiency gains, marketing, tech innovation and a growing online presence. However, Bhandari added that even as optimism regarding the future rose, it remained below the levels seen in the first half of 2025. Employment gains were modest, with July recording the weakest job growth in 15 months. "Fewer than 2% of companies took on additional staff, with the vast majority indicating no change from June," said the survey report. Cost pressures persisted, with firms citing higher expenses on food, freight and labour. On the other hand, charge inflation was above its long-run average, reflecting greater cost burdens and demand strength. "On the price front, both input and output prices rose a tad faster than in June, but this could change going forward as indicated by the recent CPI (Consumer Price Index) and WPI prints," said Bhandari.
