AIMSTAR FINANCIAL FORECAST – February 12, 2024

Your Weekly Financial Market Recap and Earnings Preview.

Vikki Zhao

PUBLISHED Mon, Feb 05, 2024, 12:35 PM EST. 6 min read.

Canadian Business News

Tim Hortons

Restaurant Brands International Inc. will release its fourth-quarter financial results on Tuesday before financial markets open. The company that owns Tim Hortons and other quick-serve restaurants announced a deal last month to buy Carrols Restaurant Group Inc., the largest Burger King franchisee in the United States, for US$1 billion.

Housing data

Housing data will be in the spotlight Thursday when the Canadian Real Estate Association is expected to release its January home sales figures, after regional numbers showed the market is roaring back to life. Canada Mortgage and Housing Corp. will also release its latest reading on housing starts in the country the same day.

Economic data

The picture of how the economy fared at the end of 2023 will become a little clearer this week. Statistics Canada will release its monthly survey of manufacturing for December on Thursday and wholesale trade numbers for December on Friday.

TC Energy

Investors will be looking for updates from TC Energy Corp. and its multi-billion-dollar asset divestiture plan when the company reports its fourth-quarter results on Friday. The plan comes as the company works to reduce its debt in the wake of the completion of the costly Coastal GasLink project.

Air Canada

Air Canada will report its fourth-quarter results and hold a conference call on Friday before markets open. The airline has been under scrutiny for how it accommodates passengers living with disabilities. Air Canada chief executive Michael Rousseau faced a barrage of questions last week at a House of Commons committee meeting over reports of passenger mistreatment.

This report by The Canadian Press was first published Feb. 11, 2024.

Stock Market Today

Monday saw a robust performance in European stock markets, while most markets in Asia remained calm due to holidays. Germany’s DAX index rose by 0.4% to 16,990.02 points, and Paris’s CAC 40 also increased by the same margin to 7,676.03 points. The UK’s FTSE 100 index remained relatively stable, closing at 7,570.41 points.

Asian markets were closed for holidays, with both Chinese and Japanese markets shuttered. In Asian trading, Australia’s S&P/ASX 200 fell by 0.4% to 7,614.90 points, and India’s Sensex dropped by 0.6% to 71,159.98 points. Thailand’s SET index saw a slight increase of less than 0.1%, while Jakarta’s benchmark index rose by 0.9% ahead of Wednesday’s elections. With mainland Chinese markets closed for the Lunar New Year holiday, and Tokyo’s markets also closed for a one-day holiday, market dynamics in the region were relatively quiet.

Investors are closely monitoring upcoming economic data from the United States and Japan. This week, the U.S. is expected to release important updates on consumer inflation expectations, while Japan will announce its GDP growth for the fourth quarter of 2023 on Thursday.

Wall Street continued its upward trajectory, fueled by hopes of easing inflationary pressures leading to potential interest rate cuts by the Federal Reserve. On Friday, the S&P 500 index rose by 0.6%, surpassing 5,000 points for the first time, while the Nasdaq composite index jumped by 1.2%. Leading the market were major tech stocks, with Nvidia, Microsoft, and Amazon each seeing gains of at least 1.6% in the S&P 500.

In other trading on Monday, U.S. benchmark crude oil prices fell by 51 cents to $76.33 per barrel in electronic trading on the New York Mercantile Exchange, while Brent crude, the international standard, dropped by 52 cents to $81.67 per barrel. The U.S. dollar fell from 149.28 yen to 149.10 yen, and the euro declined from $1.0784 to $1.0775 against the dollar.

Weekly Earning Releases

The most anticipated earnings releases for the week of February 12, 2024, are Shopify #SHOP, DraftKings #DKNG, Coinbase #COIN, Arista Networks #ANET, Roku #ROKU, Upstart #UPST, Airbnb #ABNB, Datadog #DDOG, The Trade Desk #TTD, and Albemarle #ALB.

THE EARNINGS RELEASES FOR THE WEEK

HIGHEST VOLATILITY EARNINGS RELEASES

This report by The EarningsWhisper was first published Feb. 11, 2024.

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