By Ketki Saxena
Investing.com –- Canada's main stock index, the S&P/TSX Composite, tracked Wall Street lower on Tuesday, as mixed earnings from big US banks, and relatively hawkish comments from Fed Governor Christopher Waller weighed on sentiment.
The Canadian index was also pressured by hotter than expected domestic CPI data. While the headline reading came in as expected, core inflation measures proved sticky, tempering expectations that the Bank of Canada will begin rate cuts in March.
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Toronto Stock Market News
Tim Hortons and Burger King owner Restaurant Brands (TSX:QSP_u) shares fell after announcing it will acquire the largest Burger King franchise in the US, for $1 billion. The deal values Carrols Restaurant Group at $9.55 per share.
First Quantum Minerals (TSX:FM) announced plans to sell stakes in some of its smaller mines, and work with banks to “address and extend” its bank loan facilities as it seeks to conserve capital fater the forced production halt at its Cobre Panama copper mine.
Barrick Gold (NYSE:GOLD) shares fell after reporting a 2023 preliminary gold output of 4.05 million, compared to the 4.16 million ounces of output forecast in guidance.
Teck Resources (TSX:TECKa) reported copper and zinc production for 2023 that came in short of guidance. Copper production for 2023 totalled 296,500 tonnes, compared to guidance for between 320,000 and 365,000 tonnes.
For earnings, view our earnings calendar.
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In Canadian Economics
Statistics Canada Data showed that Canada's headline annual inflation rate rose to 3.4% in Dec. from 3.1% in Nov, driven by higher gasoline prices. While the headline number came in as expected, the BoC’s preferred measure of inflation CPI-trim and CPI-median remained sticky, with the three-month annualized rate of the two metrics up 3.6% from an upwardly revised 2.9% in the month prior.
Money markets now see a 34% chance that the BoC will start cutting interest rates in March, down from a nearly 50% chance prior to the CPI release.
Data from CMHC showed that Canadian Housing Starts jumped 18% to 249,255 units in December, compared to expectations for 243,000 units.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.