By Ketki Saxena
Investing.com – Canada's main stock index, the S&P/TSX Composite tracked Wall Street higher as markets digested comments from Fed Chair Jerome Powell, raising bets that the US central bank has concluded its policy tightening campaign.
Powell acknowledged progress in lowering inflation and noted that monetary policy was slowing the economy in line with expectations.
Markets largely shrugged off Powell’s caveat that it "would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease."
Toronto Stock Market News
First Quantum Minerals (TSX:FM) announced that it has begun the process of international arbitration over a contested contract for an open-pit copper mine in Panama with the country's government, after the country’s top court ruled the contract unconstitutional following widespread protests.
BMO (TSX:BMO) report a net income of $1.62 billion or $2.06 per diluted share for the quarter ended Oct. 31, compared to$4.48 billion or $6.51 per diluted share this quarter a year ago. Revenue was $8.36 billion, compared to $10.57 billion this time last year. Provisions for credit losses rose to $446 million from $226 million a year earlier.
National Bank of Canada (TSX:NA) reported a profit of $768 million or $2.14 per diluted share for the quarter ended Oct. 31, up from $738 million or $2.08 per diluted share this time a year ago. Revenue totalled $2.59 billion, up from $2.33 billion this time last year, Provisions for credit losses amounted to $115 million, compared to $87 million this time a year ago.
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In Canadian Economics
Statistics Canada data showed that Canadian economy added a net 24,9004r5 jobs in November, more than the 15,000 job additions that had been expected. The jobless rate ticked slightly higher to 5.8% from 5.7%.
Data shows that Canada's manufacturing sector contracted for a seventh consecutive month in November. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.7 in November from 48.6 in October. A reading below 50 marks a contraction.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.