adplus-dvertising
Connect with us

News

S&P/TSX composite rises Wednesday, U.S. stock markets also higher

Published

 on

 

TORONTO – Canada’s main stock index rose on Wednesday, helped by strength in base metals and technology, while U.S. stock markets also climbed after a mix of retail earnings, economic data and insight into central bank deliberations over interest rates.

The S&P/TSX composite index closed up 84.29 points at 23,121.73.

In New York, the Dow Jones industrial average was up 55.52 points at 40,890.49. The S&P 500 index was up 23.73 points at 5,620.85, while the Nasdaq composite was up 102.05 points at 17,918.99.

“At the moment, we are seeing the hypersensitivity of the market to labour data on full display,” said Tamsin Wilding, principal and portfolio manager for fixed income at Leith Wheeler Investment Counsel Ltd.

The U.S. government released a preliminary revision suggesting the economy created 818,000 fewer jobs in the year through March than earlier reported — a smaller gap than some had feared.

Markets were “quite jumpy” before the revisions came out, because labour market data is likely going to dictate the interest-rate easing pathway for the U.S. Federal Reserve, said Wilding.

“They’re laser-focused on anything that shows a downside risk to growth of that labour market, and something that’s more severe than the gradual rebalancing that the Fed has assessed the labour market at.”

However, the data came in consistent with estimates, said Wilding.

Strong earnings from some large retail companies in the U.S. reinforced recent retail sales data, with Target and TJX both topping expectations. Target’s share price rose more than 11 per cent while TJX gained more than six per cent.

The Fed also released the minutes from its last interest-rate decision, which showed most officials in July agreed a cut in September was likely as long as inflation continued to cool.

The minutes reinforced the market’s expectation of a cut next month, said Wilding.

Now, markets are waiting for this weekend’s Jackson Hole symposium as well as further information on the labour market, said Wilding.

“The markets are on edge” over the labour market, she said — where before inflation was the biggest risk, that’s shifted to the labour market data and worries about deterioration there.

But she thinks it’s unlikely the Fed would cut its key rate by half a percentage point as some market watchers are betting on.

The Canadian dollar traded for 73.57 cents UScompared with 73.38 cents US on Tuesday.

The October crude oil contract was down US$1.24 at US$71.93 per barrel and the September natural gas contract was down two cents at US$2.18 per mmBTU.

The December gold contract was down US$3.10 at US$2,547.50 an ounce and the September copper contract was up three cents at US$4.19 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Aug. 21, 2024.

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

The Canadian Press. All rights reserved.

Source link

Continue Reading

News

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

Published

 on

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.



Source link

Continue Reading

News

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

Published

 on

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.



Source link

Continue Reading

News

Ontario fast-tracking several bills with little or no debate

Published

 on

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.



Source link

Continue Reading

Trending