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S&P/TSX composite moves lower Tuesday, U.S. stock markets also down

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TORONTO – Canada’s main stock index moved lower Tuesday after the latest report on inflation showed price growth easing, while U.S. markets were also lower.

The S&P/TSX composite index closed down 78.95 points at 23,037.44.

In New York, the Dow Jones industrial average was down 61.56 points at 40,834.97. The S&P 500 index was down 11.13 points at 5,597.12, while the Nasdaq composite was down 59.83 points at 17,816.94.

Markets took a pause Tuesday to consolidate after eight straight winning days, said Lesley Marks, chief investment officer of equity at Mackenzie Investments.

She said the market is a little bit cautious ahead of this weekend’s annual symposium in Jackson Hole, Wyo. Investors are wondering what U.S. Federal Reserve chair Jerome Powell will have to say.

“I think after the strong move that we’ve seen in markets, people are just taking a breather to wait and see,” said Marks.

Investors will be listening for hints on what’s to come in September from the Fed, said Marks — not necessarily whether they will cut, since that’s pretty much a given, but on whether a deeper cut of 50 basis points, or half a percentage point, could be in the cards.

Economic data recently has been mixed but not decidedly negative, said Marks, making it unclear whether there’s an economic downturn on the way.

“I think that’s what the market is really grappling with.”

The big question hanging in the air is whether the Fed has waited too long to cut, said Marks, and the answer to that question isn’t clear yet.

“I think there is a thesis that moving 50 (basis points) would be a recognition that they’re late to cut interest rates. So 25 basis points may actually put more calm in the market,” she said.

The latest report on inflation in Canada showed price growth continued to ease in July to 2.5 per cent, down from 2.7 per cent in June.

“The inflation data that we saw this morning definitely indicated that the window continues to be open for the Bank of Canada to continue to ease,” said Marks.

“The Canadian economy has been slowing for over a year, and so the Bank of Canada has recognized that.”

The inflation report is one of the last big pieces of information before the Bank of Canada’s Sept. 4 rate decision, she said, with GDP yet to come.

The Canadian dollar traded for 73.38 cents UScompared with 73.25 cents US on Monday.

The October crude oil contract was down 49 cents at US$73.17 per barrel and the September natural gas contract was down four cents at US$2.20 per mmBTU.

The December gold contract was up US$9.30 at US$2,550.60 an ounce and the September copper contract was down two cents at US$4.16 a pound.

This report by The Canadian Press was first published Aug. 20, 2024.

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

Note to readers: This is a corrected story. A previous version had the wrong closing number and direction of change for the Dow.

The Canadian Press. All rights reserved.



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End of Manitoba legislature session includes replacement-worker ban, machete rules

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WINNIPEG – Manitoba politicians are expected to pass several bills into law before the likely end of legislature session this evening.

The NDP government, with a solid majority of seats, is getting its omnibus budget bill through.

It enacts tax changes outlined in the spring budget, but also includes unrelated items, such as a ban on replacement workers during labour disputes.

The bill would also make it easier for workers to unionize, and would boost rebates for political campaign expenses.

Another bill expected to pass this evening would place new restrictions on the sale of machetes, in an attempt to crack down on crime.

Among the bills that are not expected to pass this session is one making it harder for landlords to raise rents above the inflation rate.

This report by The Canadian Press was first published Nov. 7, 2024

The Canadian Press. All rights reserved.



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Father charged with second-degree murder in infant’s death: police

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A Richmond Hill, Ont., man has been charged with second-degree murder in the death of his seven-week-old infant earlier this year.

York Regional Police say they were contacted by the York Children’s Aid Society about a child who had been taken to a hospital in Toronto on Jan. 15.

They say the baby had “significant injuries” that could not be explained by the parents.

The infant died three days later.

Police say the baby’s father, 30, was charged with second-degree murder on Oct. 23.

Anyone with more information on the case is urged to contact investigators.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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Ontario fast-tracking several bills with little or no debate

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TORONTO – Ontario is pushing through several bills with little or no debate, which the government house leader says is due to a short legislative sitting.

The government has significantly reduced debate and committee time on the proposed law that would force municipalities to seek permission to install bike lanes when they would remove a car lane.

It also passed the fall economic statement that contains legislation to send out $200 cheques to taxpayers with reduced debating time.

The province tabled a bill Wednesday afternoon that would extend the per-vote subsidy program, which funnels money to political parties, until 2027.

That bill passed third reading Thursday morning with no debate and is awaiting royal assent.

Government House Leader Steve Clark did not answer a question about whether the province is speeding up passage of the bills in order to have an election in the spring, which Premier Doug Ford has not ruled out.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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