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S&P/TSX composite inches downward, U.S. markets also dip

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TORONTO – Canada’s main stock index nudged down in late-morning trading, while U.S. stock markets also slipped.

The S&P/TSX composite index dipped by 32.93 points to 24,438.24.

In New York, the Dow Jones industrial average was down 84.99 points at 42,980.23. The S&P 500 index was down 20.99 points at 5,838.86, while the Nasdaq composite was down 148.81 points at 18,353.87.

The Canadian dollar traded for 72.46 cents US compared with 72.67 cents on Friday.

The November crude contract was down US$3.77 at US$70.06 per barrel and the November natural gas contract was up four cents at US$2.53 per mmBTU.

The December gold contract was up US$11.80 at US$2,677.40 an ounce and the December copper contract was down six cents at US$4.34 a pound.

This report by The Canadian Press was first published Oct. 15, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press. All rights reserved.



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In the news today: Canada spat leads India newspapers, inflation report due

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Here is a roundup of stories from The Canadian Press designed to bring you up to speed…

Canada spat leads India newspapers, as analysts await reactions from peer countries

Canada’s decision to expel New Delhi’s top envoy and five other diplomats is front-page news in India, as an analyst wonders how other countries will respond. On Monday, the RCMP warned the public about a rash of crimes including murder, extortion and coercion that the force links to Indian government agents. The RCMP and other Canadian officials presented evidence to India earlier this past weekend, but they say New Delhi refused to co-operate in police investigations. Foreign Affairs Minister Mélanie Joly says that is why Canada declared the six diplomats persona non grata, which is one of the stiffest penalties Canada can impose on under the Vienna Convention.

Statistics Canada to release inflation report

Statistics Canada is expected to publish its inflation reading for the month of September today. Economists are forecasting another decline in annual inflation last month after it slowed to two per cent in August, the slowest pace since February 2021. The result for August brought the annual rate in line with the Bank of Canada’s target for inflation. The September inflation report is the last major economic data point before the central bank’s next interest rate decision on October 23. The Bank of Canada has cut its key interest rate three times this year to bring it to 4.25 per cent, after it started hiking rates in March 2022.

Here’s what else we’re watching…

PMO staff testify at foreign interference inquiry

The public safety minister is expected to testify at a federal inquiry into foreign interference just one day after announcing explosive allegations about crimes of murder, coercion and extortion in Canada linked to agents of the Indian government. When asked Monday whether the inquiry’s mandate should be expanded to encompass some of the new allegations, Public Safety Minister Dominic LeBlanc says he doesn’t think it’s necessary. LeBlanc says the inquiry is already seized with India’s foreign interference activities in Canada, and he has every confidence the commissioner’s report will deal with the allegations.

Ontario pays $4.3M in legal fees for Bill 124

Ontario taxpayers have forked over $4.3 million in legal fees after the province lost two court cases defending a wage-cap law that was struck down as unconstitutional. Premier Doug Ford’s government passed a law — known as Bill 124 — in 2019 to limit salary increases for broader public sector workers at one per cent per year for three years. The province said at the time it was done to help eliminate the deficit, but the move drew widespread anger, especially among nurses and teachers. Taxpayers paid $3.4 million to the unions and nearly $900, 0000 to a legal firm that handled the province’s appeal.

Carbon rebates sent out as Liberals defend policy

Canadians are set to receive carbon pricing rebates on Tuesday, as the Liberals defend one of their most embattled policies. The government says this is the first time all banks will label the payment as the Canada Carbon Rebate, after years of inconsistent and vague phrasing on bank statements. The quarterly rebate will go to Canadians who filed their income tax while living in Alberta, Saskatchewan, Manitoba, Ontario, and all four Atlantic provinces. Ottawa sends the rebates to offset what people pay in carbon pricing when they buy fuel so they’re not less worse off as a result.

Busy week of events near B.C. Oct. 19 election

It’s the last week of the British Columbia election campaign after a busy long weekend of promises for the B.C. Conservatives, including a new Children’s Hospital for Surrey. B.C. Conservative Leader John Rustad is expected to explain how he’s going to pay for all his promises, from the so-called Rustad rebate to exempt up to $3,000 a month of rent or mortgage payments from taxes, to the plan to eliminate the carbon tax. Rustad also said the Conservatives would eliminate the provincial deficit of nearly $9 billion within two terms of government.

This report by The Canadian Press was first published Oct. 15, 2024.

The Canadian Press. All rights reserved.



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Listeria outbreak linked to plant-based milk seems to be over: PHAC

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The Public Health Agency of Canada says a Listeria outbreak linked to several plant-based milks appears to be over with no additional cases reported since August.

The federal agency says its investigation is now complete and Listeria was found within the production environment of Silk and Great Value plant-based refrigerated beverages.

However, PHAC says it was not able to identify the “primary site” of the contamination within that environment and that production will remain paused until the Canadian Food Inspection Agency is satisfied with renovations to the facility.

The CFIA previously stated that the source of the illness was traced to a specific production line at Joriki, a third-party facility in Pickering, Ont., used by plant milk manufacturer Danone Canada.

The last tally of cases reported on Aug. 12 remains unchanged, with 20 confirmed infections in Ontario, Quebec, Nova Scotia and Alberta, and three deaths.

The illnesses prompted a national recall of several Silk and Great Value plant-based milk products on July 8 with Oct. 4 as the latest best before date.

This report by The Canadian Press was first published Oct. 15, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

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Nova Scotia-Prince Edward Island ferry service: MV Saaremaa 1 out for rest of season

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HALIFAX – A ferry company that operates the route between Nova Scotia and Prince Edward Island says one of its ships will be out of commission until the end of the season.

Northumberland Ferries says it discovered additional mechanical issues early Friday morning with an engine on the MV Saaremaa 1.

The company says the vessel, which was pulled from service in September, will not return to the route between Caribou, N.S., and Wood Islands, P.E.I., this season.

Earlier this month the company had estimated the ferry could return to service by Oct. 19, pending further inspections and certifications.

Meanwhile, the company says repairs to the MV Confederation are progressing well and the ship could be back ferrying people between Nova Scotia and P.E.I. earlier than its Dec. 9 return date.

There is currently no ferry service between the two provinces due to the absence of the MV Saaremaa 1 and the MV Confederation.

This report by The Canadian Press was first published Oct. 15, 2024.

The Canadian Press. All rights reserved.



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