TSX Might Be Modestly Up At Open
Investors are keenly watching the global trend in inflation. The Inflation figures from France climbed to 7.2 percent in February, while Spanish inflation was at 6.1 percent, up from 5.9 percent.
Canadian Real Gross Domestic Product edged down 0.1 percent in December.
The U.S. Consumer Confidence might get special attention on Tuesday. Asian shares finished higher, while European shares are trading mostly up.
The Euro appreciated against its major rivals in the European session.
S&P/TSX Composite Index finished up 0.20 percent at 20,260.13 on Monday.
Canada banned TikTok from official electronic devices in view of cybersecurity issues. The Treasury Board of Canada said all existing apps will be removed and new downloading will be banned.
U.S. reaffirmed its support for Ukraine as U.S. Treasury Secretary Janet Yellen made a surprise visit on Monday. Yellen visited Ukrainian President Volodymyr Zelensky. She said the U.S. expects an increasing toll on Russia’s economic trajectory.
In the corporate sector, the Bank of Nova Scotia reported a decline in first-quarter net profit of $1.772 billion or $1.36 per share, down from $2.740 billion or $2.14 per share a year ago. On an adjusted basis, earnings were $2.366 billion or $1.85 per share. Revenue for the quarter was $7.98 billion compared to $8.049 billion last year.
U.S. discount retailer Target Corp. reported fourth-quarter net earnings of $876 million or $1.89 per share, down 43.3 percent from $1.54 billion or $3.21 per share last year. Adjusted earnings were $1.89 per share. Analysts expected the company to earn $1.40 per share for the quarter.
Quarterly revenue was $31.40 billion which grew 1.3 percent in the quarter from $31 billion last year. Analysts expected revenues of $30.72 billion for the quarter. Looking ahead, the Minneapolis-based company projects earnings for the first quarter and fiscal 2023 below the Street view.
The US. Consumer Confidence for February will be published at 10.00 am ET. The consensus is 108.5, while it was up 107.1 in January. The U.S. Fed Money Supply for January will be published at 1.00 pm ET. The M2 deficit was $147.4 billion.
The U.S. Agriculture Department’s Farm Prices for January will be issued at 3.00 pm ET. In the prior month, it was up 3.1 percent.
European shares finished mostly up. Euro Stoxx 50 is up 0.43 at 4266.10.
Asian stocks ended mostly higher on Tuesday. Chinese finished positive. The benchmark Shanghai Composite index closed 0.66 percent higher at 3,279.61 while Hong Kong’s Hang Seng index dropped 0.79 percent to 19,785.94.
Japanese shares ended on a flat note. The Nikkei average and the broader Topix index both finished marginally higher at 27,445.56 and 1,993.28, respectively.
Australian markets ended higher. The benchmark S&P/ASX 200 gained 0.47 percent to settle at 7,258.40 while the broader All Ordinaries index ended 0.52 percent higher at 7,458.
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