Investing.com — Canada’s main stock index, the S&P/TSX Composite index, tracked Wall Street’s main indices lower today as sentiment turned risk-off following the second revision of U.S. fourth-quarter GDP data.
The second estimate released by the Bureau of Economic Analysis showed that the U.S. economy grew at an annual rate of 3.2% in Q4 2023. The data indicates continued strength in the U.S. economy, and reinforces the implication that the Fed will not need to rush to cut rates.
Markets now await the release of the U.S. PCE price index, the Federal Reserve's preferred measure of inflation, and Canadian GDP data, both due Thursday.
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Toronto Stock Market News
Royal Bank of Canada (TSX:RY) reported a better-than-expected first-quarter profit. Adjusted profit came in at $4.07 billion, or $2.85 per share, above analysts' estimates for $2.80 per share. Net interest income rose 2.1% for the quarter. Total provisions for credit losses jumped to $813 million, up 53%, from a year ago.
National Bank of Canada (TSX:NA) reported a better-than-expected first-quarter profit. On an adjusted basis, RBC earned $2.59 per share, beating analysts' estimates of $2.36. Net interest income slid 31.7% to $751 million in the first quarter. Provisions for credit losses in the first quarter rose to $120 million from $86 million.
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In Canadian Economics
Data from Statistics Canada showed that private payroll numbers increased by 31,600 (0.2%) on a monthly basis in December. On a yearly basis in December, payroll numbers grew by 223,500 (1.3%).
Job vacancies held steady in December, for the third consecutive month.
On a month-over-month basis, average weekly earnings were down 1.1% to $1,212 in December on a monthly basis. On a year-over-year basis, average weekly earnings grew by 3.8% in December
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All currencies Canadian Dollar unless noted otherwise.