By Ketki Saxena
Investing.com -- After heavy losses last week, North American equities started the morning in the red as, expectations for aggressive rate hikes from the Federal Reserve - and bond yields - continued to rise. following a slew of hawkish commentary and relatively robust labour market data last week.
Money markets are now pricing in a 92% chance of another 75-basis-point hike at the Fed's meeting in November. Investors will now be awaiting Thursday’s US Consumer Price Index data for further insight into the Fed’s next move.
The commodity heavy Canadian index was further pressured by losses in crude, as worries of dwindling demand outweighed OPEC’s decision last week to cut output by 2 million bpd. Worries about a global recession and demand destruction were at the forefront once again due to rising COVID-19 cases and corresponding restrictions in China, and as the IMF slashed its forecast for global glrowth. The IMF cut its forecast next year to 2.7%, from the 2.9% seen in July and 3.8% in January.
The Biggest Stories on Bay Street
Cineplex said it generated $23 million in box office revenue last month, representing 52%of 2019 pre-pandemic levels for the month as the movie industry rebounds from COVID-19 lockdowns. Lower business volumes had been expected in August and September due to pandemic-related production delays impacting content supply. In the full third quarter 2022, Cineplex achieved 70% of box office revenues versus Q3 2019.
Westshore Terminals (TSX:WTE) Investment Corp. says work has resumed at its BC terminal on October 9, after it reached a tentative agreement with the International Longshore and Warehouse Union, ending a strike that began last month. Westshore says its annual throughput volume for 2022 is estimated at 24 to 25 million tonnes, down from an earlier estimate of 27.5 million tonnes. The reduction is due partly due to the labour disruption, as well as the lower-than-expected performance from BNSF, the rail carrier for Westshore’s U.S. customers.
Canadian engineering giant WSP Global Inc (TSX:WSP). announced that it will be walking away from its planned purchase of British environmental consulting firm RPS Group PLC after US Rival Tetra Inc rival swooped in with a higher bid. In August, WSP announced it had struck a deal to buy RPS for £2.06 per share in cash for a total enterprise value of £ 625 million,. A month later, U.S. rival Tetra Tech Inc.made a bid worth £2.22 per share valuing the company at £ 636 million.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers