By Ketki Saxena
Investing.com -- The TSX tracked Wall Street lower this morning, following robust employment data from the US, indicating resilience in the economy and raising fears that the Fed will remain hawkish and maintain higher rates for longer.
ADP’s private payroll report said employers added 235,000 jobs in December, smashing expectations for a gain of 150,000 jobs. Unemployment claims continued to decline.
Further losses on the commodity heavy Canadian index were capped by gains in oil, as lower fuel inventories in the US helped steady crude prices after a two day sell-off on worries of slowing demand globally.
The Biggest Stories on Bay Street
More legal drama for CIBC (TSX:CM): The bank will pay a total of $153 million to settle a class-action lawsuit filed by about 31,000 of its retail bank employees in 2007. Last year, the Ontario Court of Appeal dismissed an attempt by the bank to overturn a lower-court ruling in favour of the case.
Precision Drilling Corp. says it has beat its debt reduction goal for 2022, having reduced its total debt by$106 million in 2022, compared to its $75 million debt reduction target. As of Dec. 31, 2022, Precision’s outstanding debt included US$44 million for a senior credit facility due June 18, 2025, and US$348 million in 7.125% cent senior notes due Jan. 15, 2026.
A Fortuna Silver Mines (TSX:FVI) in Mexico will face the re-assessment of an environmental impact authorization by the San Jose Mine Environmental Impact Authorisation. A 12-year extension was initially granted for the San Jose Mine, located in Oaxaca, Mexico, in December 2021.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
- Fortuna Silver Mines Inc (TSX:FVI)
- OceanaGold Corporation (TSX:OGC)
- Pan American Silver Corp (TSX:PAAS)
In Canadian Economics
Statistics Canada reports that Canada's merchandise exports decreased 2.3% in November, while imports were down 2.1%, leading Canada's merchandise trade balance with the world to fall from a surplus of $130 million in October to a deficit of $41 million in November.