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Oil Cow
Dec 07, 2022 13:27
totally just
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TSX Trades Flat; Banks Warn of Recession; BoC Hikes Rate 50 bps
© Reuters.
By Ketki Saxena
Investing.com -- The TSX traded flat this morning, while Wall Street traded mixed, with recession worries continuing to mount following warnings from top executives at major banks including Goldman Sachs (NYSE:GS), JP Morgan, and Bank of America (NYSE:BAC).
Worries of a recession also pressured crude prices, further weighing on the commodity-heavy Canadian index. The TSX and Canadian investor sentiment received some support from the Bank of Canada’s monetary policy announcement. Despite a larger-than-expected 50 bp move, BoC Governor Tiff Macklem indicated a pause in rate hikes soon amidst clear signs of economic slowdown.
The Biggest Stories on Bay Street
Canada’s biggest banks saw the value of mortgages in the domestic businesses fall as interest rate hikes cool demand. Values of mortgages at Canada’s big six banks totalled $1.36 trillion in Q4 2022, up 1.6% quarter over quarter, and the slowest quarterly growth since the short but sharp contraction in homebuying immediately in the onset of the pandemic.
Dollarama hiked its full-year forecast, now expecting store sales growth between 9.5% and 10.5% for fiscal 2023, up from the previous 6.5% -7.5 per%. Dollarama expects sales to grow as Canadian consumers contend with high inflation and rising interest payments, incentivizing them to seek out cheaper options as they cut back on discretionary spending.
Canadian Stocks Moving Markets This Morning
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In Canadian Economics
The Bank of Canada raised its benchmark overnight lending rate by 50 basis points to 4.25%, a larger move than had been priced in by markets, but in line with expectations from several economists. Rates are now the highest they have been since the beginning of 2008.
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Comments (3)
Alin Hayes
Dec 07, 2022 12:07
banks warn of recession and are forcing economy into recession with unwarranted rate hikes. here comes a huge wave of people filing bankruptcy.
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George Thorm
Dec 07, 2022 11:38
Well I think we can safely say Tiff and gang totally out of their depth. Theyre reacting to present day data and not reading the tea leaves ;)
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