By Ketki Saxena
Investing.com -- The TSX Traded flat today even as Wall Street benchmarks were deeply in the red ahead of a 75 bp move from the US Federal Reserve expected on Wednesday.
The commodity-heavy Canadian index was supported by the energy subsector as investors bet on oil stocks, following raised forecast from OPEC+ for world oil demand in the medium and long term, even as crude prices declined. Weaker-than-expected Chinese factory data reinforced concerns of decreased economic activity and crude demand from the world’s top importer as its zero-tolerance Covid-19 policy continues to curtail demand.
Cannabis stocks also climbed today after US Senate Majority Leader Chuck Schumer said Congress was “very close” to passing the SAFE cannabis banking legislation.
The Biggest Stories on Bay Street
Cargojet (TSX:CJT) reported a third-quarter profit of $83.4 million compared with a net loss of $12.9-million a year ago. Net income amounted to $4.77 per diluted share for the quarter, compared with 74 cents per diluted share in the same quarter last year. Revenue totalled $232.7-million, up from $189.5-million in the third quarter of 2021. On an adjusted basis, Cargojet says it earned $2.18 per share, up from an adjusted profit of $1.39 per share a year earlier.
National Bank and CIBC (TSX:CM) have reportedly dropped out as bidders for HSBC's business in Canada, while Bank of Montreal (TSX:BMO) is still pursuing the deal, according to a report by the Globe and Mail. HSBC disclosed on Oct. 4 that it was considering selling HSBC Bank Canada, a unit that analysts estimate to be valued at around C$8 billion ($5.88 billion) to C$10 billion ($7.35 billion).
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In Canadian Economics
Over the weekend, Bank of Canada Governor Tiff Macklem was quoted in a report as pushing back Against the Central Bank’s independence, as its recent actions come under increasing criticism from politicians, economists and the majority of Canadians, who do not believe the Bank’s rate hikes are having the intended effect of curtailing inflation.
A survey conducted by Leger for BNN Bloomberg found that 53% of Canadian homeowners are concerned about being able to make payments when their mortgage renews. 20% of Canadian homeowners do not have they do not have a plan to deal with higher mortgage rates
Another survey, the latest consumer confidence poll from Nanos Research for Bloomberg News reports that Canadian finances have not been this bad in over a decade. 47% say their finances have worsened over the last year, more than during the financial crisis.