![]() crude oil futures settled 1.8% lower at $80.13 a barrel, giving back some of its recent gains.ĭismissed the competition bureau's effort to block Rogers Communications Inc's C$20 billion ($14.9 billion) bid to buy Shaw Communications Inc, in a boost to the companies' efforts to close a deal struck nearly two years ago. Technology fell 1.1% and energy was down 1% as U.S. That weighed on the consumer discretionary sector, which lost 0.7%. Shares of Magna slumped 7.2% after the automotive supplier cut its earnings margin outlook. ![]() Yahoo Canada and Canadian Tire are bringing you everything you need for fall. The Bank of Canada will hike its key interest rate by a quarter of a percentage point to 4.5% on Wednesday and then hit pause on its tightening campaign, a Reuters poll of economists showed. The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada. business activityįor the seventh consecutive month in January. Investors worry that aggressive interest rate hikes could trigger a recession, with data on Tuesday showing that U.S. is going to be not so much digesting the rate hikes but resetting expectations for corporate earnings because they are too high, given the macroeconomic environment." Latest news coverage, email, free stock quotes, live scores and video are just the. "The bigger issue for Canada and the U.S. "The issue for 2023 is going to be watching the lagged effects of the interest rate hikes that occurred last year," said Brian Madden, chief investment officer at First Avenue Investment Counsel in Toronto. benchmark index S&P 500 also ended slightly lower. The Toronto Stock Exchange's S&P/TSX composite index ended down 2.03 points at 20,629.55, after posting on Monday its highest closing level in more than seven months. The price of heavy Canadian crude oil has climbed about 20 per cent in 2023, a bright spot for the major producers set to begin reporting second-quarter financial results next week. Due to its lower quality, heavy oil like WCS trades at a discount to light sweet crudes like WTI. The cost of a used vehicle also increased in May, reaching an average price of 37,984, up 36. Canadian heavy oil outlook has seldom (if ever) been this strong. Shares of TC Energy fell more than 5% on Friday after the Keystone pipeline operator disclosed plans to spin off its liquids business to focus on transporting natural gas.Canada's main stock index edged slightly lower on Tuesday, pressured by a sharp drop in the shares of Magna International Inc and worries that higher borrowing costs would weigh on the corporate earnings outlook. Autotrader said the average price of a new vehicle in Canada reached 54,048 in May, a 17.3 per cent increase from last year and up slightly more than 1 per cent from April, when prices last hit a record high. The materials sector, which includes miners and fertilizer companies, added 1.3%, tracking higher base and precious metal prices. Twelve per cent say government policy including spending. Another 15 per cent say events, such as the war in Ukraine and weather events including droughts and flooding, are forcing up the price of food. ![]() Most sub-sectors in the benchmark index were in the green, with technology stocks leading the gains as rate hike worries eased. The Yahoo/Maru poll found that 28 per cent of Canadians believe prices are up because of the higher costs grocery retailers are facing. "It's kind of an uncomfortable time right now because this could be what a soft landing feels like, but nobody's quite sure and everybody's kind of looking for the next shoe to drop." "Canadian monetary policy will eventually be affected by decisions made in places like Japan and the European Union and the U.S., so it's kind of everything coming together at this moment," said Colin White, CEO and portfolio manager at Verecan. annual inflation logged its smallest increase in more than two years in June.Īlso, the Bank of Japan made its bond yield control policy more flexible and loosened its defence of a long-term interest rate cap, seen as a seismic shift for global financial markets. But it was set for its highest weekly level since May.ĭata showed Canada's economy grew 0.3% in May and likely contracted in June. Find the latest Canadian Imperial Bank of Commerce (CM) stock quote, history, news and other vital information to help you with your stock trading and. ET (1415 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 157.32 points, or 0.77%, at 20,542.79, after falling in the previous session.
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