Market Update:
Canada’s main stock index has experienced a period of stability as global economic indicators have prompted investors to exercise caution. The easing of metal prices and looming U.S. inflation figures, which may influence the Federal Reserve’s interest rate decisions, have created a sense of apprehension in the financial markets. This article explores the factors influencing Canada’s stock market, along with the international dynamics impacting various asset classes.
Metals Prices Ease
One of the key factors contributing to the muted performance of Canada’s stock index is the easing of metal prices. Canada is home to numerous mining and resource companies, making its stock market particularly sensitive to fluctuations in commodity prices. As metal prices have softened, companies in the mining sector have felt the pressure, which has had a ripple effect on the broader Canadian stock market.
Investor Caution Ahead of U.S. Inflation Figures
Investor sentiment in Canada and globally has been influenced by the anticipation of U.S. inflation figures. These figures could potentially provide crucial insights into the Federal Reserve’s future interest rate hike path. The specter of rising interest rates can impact borrowing costs for businesses and consumers, affecting investment decisions and economic growth. Investors are closely monitoring these developments, which have added an element of uncertainty to the markets.
U.S. Stock Index Futures Dip
The U.S. stock market, which often has a significant influence on global financial markets, saw its futures dip after an initial strong start to the week. This dip can be attributed to concerns over inflation and the potential for interest rate hikes. A more restrictive monetary policy in the United States can have wide-ranging implications for the global economy, making investors cautious.
European Shares Show Mixed Performance
In Europe, shares remained relatively flat, with losses in technology stocks counterbalanced by gains in healthcare companies. Germany’s software giant SAP experienced a drop in its stock price following a disappointing revenue forecast by its U.S. peer, Oracle. Such international developments can have a cascading effect on global markets, including Canada’s.
Japanese Shares Perform Well
Japanese shares bucked the trend by ending nearly 1% higher. Automakers led the gains, benefiting from the yen’s retreat from a one-week high. A weaker yen is generally seen as positive for Japanese exporters, which boosted investor confidence and appetite for risk. This demonstrates how currency movements can significantly impact stock markets.
Gold and Oil Prices
In the commodities market, gold prices inched lower due to a slight uptick in the U.S. dollar. However, prices held within a narrow range, reflecting the uncertainty prevailing in financial markets. Meanwhile, oil prices saw an upward trend, primarily due to a tighter supply outlook. This increase in oil prices could have implications for Canada’s energy sector, a significant contributor to the country’s stock market.
Market Outlook
Canada’s main stock index remains muted as various global economic factors continue to play out. Metal prices, U.S. inflation figures, and international developments all contribute to the cautious sentiment among investors. While Canada’s stock market may not be immune to these global dynamics, it is essential for investors to stay informed and adaptable in this ever-changing economic landscape. Monitoring global economic indicators and their potential impact on Canada’s stock market will be crucial in the coming months.
Todays Latest Analyst Ratings:
Stock | Analyst | Analyst Grade | Industry | Rating | Action | Target Price | Average Target Price |
Average Analyst Rating |
Stock Target Advisor Analysis |
Date |
---|---|---|---|---|---|---|---|---|---|---|
AAPL |
STA Research |
A96%
|
Consumer Electronics | Hold | Maintains |
USD 190
|
USD 196.69 (+9.66%) |
Strong Buy
|
Bullish
|
09/12/2023
|
ACN |
Morgan Stanley & Co. |
A+98%
|
Information Technology Services | Overweight | Maintains |
USD 340 » USD 355
|
USD 329.23 (+1.03%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
ADBE |
BMO Capital Markets |
A-89%
|
Software-Infrastructure | Outperform | Maintains |
USD 600 » USD 640
|
USD 509.02 (-9.83%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
ADBE |
Wells Fargo & Company |
A-91%
|
Software-Infrastructure | Target Raised by |
USD 600 » USD 625
|
USD 509.02 (-9.83%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
|
AMAM |
BTIG |
C74%
|
Biotechnology | Buy | Initiates Coverage On |
USD 26
|
USD 24.67 (+111.91%) |
Strong Buy
|
Slightly Bullish
|
09/12/2023
|
AU |
BMO Capital Markets |
B85%
|
Gold | Outperform | Upgrades |
USD 19 » USD 22
|
USD 22.00 (+28.35%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
AUR |
Evercore ISI |
F52%
|
Information Technology Services | In-Line | Initiated |
USD 4
|
USD 4.75 (+43.94%) |
Buy
|
Slightly Bearish
|
09/12/2023
|
AVB |
Wells Fargo & Company |
D-60%
|
REIT-Residential | Overweight | Maintains |
USD 201 » USD 192
|
USD 190.30 (+6.00%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
AVO |
J.P. Morgan Chase & Co |
B84%
|
Food Distribution | Neutral | Maintains |
USD 12 » USD 10
|
USD 12.50 (+39.20%) |
Buy
|
Slightly Bearish
|
09/12/2023
|
AVTA |
Cantor Fitzgerald & Co. |
F20%
|
Asset Management | Neutral | Downgrades |
USD 27 » USD 26
|
USD 29.88 (+16.97%) |
Strong Buy
|
Neutral
|
09/12/2023
|
BBD-B:CA |
STA Research |
C-70%
|
Aerospace & Defense | Buy | Maintains |
CAD 65
|
CAD 77.15 (+50.81%) |
Buy
|
Neutral
|
09/12/2023
|
BBD-B:CA |
Scotia Capital |
C73%
|
Aerospace & Defense | Outperform | Target Up |
CAD 84
|
CAD 77.15 (+50.81%) |
Buy
|
Neutral
|
09/12/2023
|
BCYC |
JMP Securities |
B84%
|
Biotechnology | Market Outperform | Reiterates |
USD 44
|
USD 50.00 (+119.01%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
BDN |
KeyBanc Capital Markets |
F56%
|
REIT-Office | Overweight | Initiates Coverage On |
USD 6
|
USD 6.60 (+38.08%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
BGNE |
Macquarie Research |
N/A
|
Biotechnology | Outperform | Initiated |
USD 259
|
USD 269.79 (+28.94%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
BGNE |
RBC |
A93%
|
Biotechnology | Outperform | Initiates Coverage On |
USD 259
|
USD 269.79 (+28.94%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
BHLB |
Seaport Global Securities |
D65%
|
Banks-Regional | Sell | Initiates Coverage On |
USD 16
|
USD 26.22 (+29.81%) |
Under-perform
|
Bearish
|
09/12/2023
|
BIOX |
Lake Street Capital Markets |
F11%
|
Agricultural Inputs | Target Lowered by |
USD 30 » USD 25
|
USD 23.67 (+102.28%) |
Strong Buy
|
Bullish
|
09/12/2023
|
|
BMO:CA |
RBC |
A+96%
|
Banks-Diversified | Outperform | Maintains |
CAD 138
|
CAD 132.22 (+14.37%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
BOWL |
Stifel Nicolaus |
A94%
|
Leisure | Target Lowered by |
USD 25 » USD 23
|
USD 21.10 (+98.49%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
|
BRKL |
Seaport Global Securities |
D65%
|
Banks-Regional | Buy | Initiates Coverage On |
USD 12
|
USD 12.30 (+36.06%) |
Buy
|
Very Bearish
|
09/12/2023
|
BTG |
RBC |
B83%
|
Gold | Sector Perform | Resumed |
USD 4.25
|
USD 4.25 (+35.78%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
BXP |
KeyBanc Capital Markets |
F56%
|
REIT-Office | Sector Weight | Initiates Coverage On | USD 63.42 (-4.14%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
|
CAE:CA |
TD Securities |
B86%
|
Aerospace & Defense | Buy | Maintains |
CAD 39
|
CAD 36.58 (+12.41%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CASY |
RBC |
A95%
|
Specialty Retail | Target Raised by |
USD 275 » USD 284
|
USD 266.92 (+11.49%) |
Strong Buy
|
Neutral
|
09/12/2023
|
|
CCJ |
GLJ Research |
N/A
|
Uranium | Buy | Maintains |
USD 52 » USD 66.45
|
USD 54.81 (+46.19%) |
Strong Buy
|
Bullish
|
09/12/2023
|
CELH |
B. Riley Financial |
F50%
|
Beverages-Non-Alcoholic | Buy | Maintains |
USD 190 » USD 230
|
USD 162.08 (-18.73%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CGX:CA |
STA Research |
D65%
|
Entertainment | Hold | Maintains |
CAD 9
|
CAD 11.71 (+46.59%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CGX:CA |
TD Securities |
A96%
|
Entertainment | Buy | Maintains |
CAD 13
|
CAD 11.71 (+46.59%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CHEF |
Benchmark Research |
F30%
|
Food Distribution | Buy | Maintains |
USD 54 » USD 49
|
USD 51.50 (+83.21%) |
Strong Buy
|
Neutral
|
09/12/2023
|
CHTR |
Rosenblatt Securities |
F41%
|
Telecom Services | Buy | Reiterates |
USD 482
|
USD 478.24 (+9.73%) |
Buy
|
Neutral
|
09/12/2023
|
CIO |
KeyBanc Capital Markets |
F56%
|
REIT-Office | Sector Weight | Initiates Coverage On | USD 7.00 (+37.52%) |
Hold
|
Bullish
|
09/12/2023
|
|
CLS:CA |
STA Research |
F30%
|
Electronic Components | Underperform | Maintains | CAD 20.67 (-36.82%) |
Hold
|
Very Bullish
|
09/12/2023
|
|
CLS:CA |
RBC |
A94%
|
Electronic Components | Outperform | Maintains |
CAD 22
|
CAD 20.67 (-36.82%) |
Hold
|
Very Bullish
|
09/12/2023
|
CPG |
TD Securities |
A92%
|
Oil & Gas E&P | Buy | Downgraded by | USD 14.05 (+71.70%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
|
CPG:CA |
STA Research |
F56%
|
Oil & Gas E&P | Hold | Maintains |
CAD 10
|
CAD 13.67 (+22.85%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CPG:CA |
RBC |
A95%
|
Oil & Gas E&P | Outperform | Target Up |
CAD 13
|
CAD 13.67 (+22.85%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CPG:CA |
Scotia Capital |
A+97%
|
Oil & Gas E&P | Outperform | Maintains |
CAD 14
|
CAD 13.67 (+22.85%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CPG:CA |
BMO Capital Markets |
A94%
|
Oil & Gas E&P | Outperform | Maintains |
CAD 13
|
CAD 13.67 (+22.85%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CPG:CA |
TD Securities |
A92%
|
Oil & Gas E&P | Buy | Downgrades |
CAD 13.5
|
CAD 13.67 (+22.85%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CPT |
Wells Fargo & Company |
D-60%
|
REIT-Residential | Underweight | Maintains |
USD 102 » USD 107
|
USD 122.04 (+19.94%) |
Buy
|
Neutral
|
09/12/2023
|
CTAS |
Bank of America Merrill Lynch |
F54%
|
Specialty Business Services | Buy | Upgrades |
USD 523 » USD 580
|
USD 522.28 (+4.91%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
CTRE |
RBC |
A96%
|
REIT-Healthcare Facilities | Outperform | Upgrades |
USD 19 » USD 23
|
USD 22.00 (+9.40%) |
Buy
|
Slightly Bearish
|
09/12/2023
|
CUZ |
KeyBanc Capital Markets |
F56%
|
REIT-Office | Underweight | Initiates Coverage On |
USD 19
|
USD 25.18 (+10.84%) |
Buy
|
Bullish
|
09/12/2023
|
CVO:CA |
STA Research |
C75%
|
Software-Infrastructure | Hold | Maintains |
CAD 11
|
CAD 12.32 (+10.23%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
CVS |
Wolfe Research |
F19%
|
Healthcare Plans | Outperform | Upgrades |
USD 80
|
USD 93.96 (+36.67%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
DEI |
KeyBanc Capital Markets |
F56%
|
REIT-Office | Sector Weight | Initiates Coverage On | USD 13.72 (+1.27%) |
Buy
|
Bearish
|
09/12/2023
|
|
DIS |
Rosenblatt Securities |
C75%
|
Entertainment | Buy | Reiterates |
USD 104
|
USD 114.96 (+39.32%) |
Strong Buy
|
Slightly Bearish
|
09/12/2023
|
DND:CA |
CIBC World Markets |
B84%
|
Software-Application | Outperform | Maintains |
CAD 25
|
CAD 26.14 (+32.70%) |
Strong Buy
|
Neutral
|
09/12/2023
|
DOOO |
Citigroup |
F48%
|
Recreational Vehicles | Neutral » Buy | Upgraded by |
USD 81 » USD 94
|
USD 129.22 (+75.43%) |
Buy
|
Slightly Bullish
|
09/12/2023
|
More Analyst Ratings:
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