A look at Tuesday morning’s market action
In the early premarket period, futures linked to the Dow, S&P and Nasdaq were all above break even. All three finished higher yesterday. Canada’s“Investors remain on guard ahead of a flurry of earnings results expected across the economy this week,” Stephen Innes, managing partner with SPI Asset Management, said.
He noted Netflix rolled out paid sharing in the first quarter, which might prompt some cancellations in the short term. In last year’s third quarter, Netflix announced it would no longer be offering guidance on subscriber numbers. For the first quarter, Netflix expects to generate revenue of $8.17-billion and profit of $1.27-billion or $2.82 a share, he said.
“But arguably that matters less to the Canadian dollar given the BoC’s thinking. Although we are below consensus on the headline figure, we think the BoC is currently more sensitive to upside than downside surprises following the hawkish tilt at its meeting last week.” In Asia, Japan’s Nikkei finished up 0.51 per cent. Hong Kong’s Hang Seng slid 0.63 per cent. New figures released early Tuesday showed China’s GDP grew at an annual rate of 4.5 per cent in the first quarter, beating forecasts as the end of COVID-19 restrictions boosted economic growth. Analysts had been looking for growth closer to 4 per cent.Crude prices were choppy in early trading despite new figures showing better than expected economic growth in China, a top oil consumer.
Prices got an initial lift from the latest GDP figures from China, which showed 4.5 per cent growth in the first three months of the year offering optimism for the demand outlook.
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