By Ketki Saxena
Investing.com -- The Canadian index tracked Wall Street higher at midday, as investors await a monetary policy announcement from the US Federal Reserve with some optimism following yesterday’s cooler-than-expected CPI data.
The announcement is due at 2:00 p.m ET.
The commodity-heavy Canadian index also gained a boost from crude prices, which continued the week’s bullish tone as China reopens, Russia threatens production cuts, Fed expectations pare back, and the ongoing Keystone pipeline outage threatens supply and storage builds at Cushing.
The Biggest Stories on Bay Street
Rogers Communications (TSX:RCIa) and Shaw Communications will deliver their closing arguments to the Competition Tribunal today, arguing that Rogers’ $26-billion takeover of Shaw does not materially affect competition, and is necessary for Shaw’s path forward in the telecom market. A lawyer for the Competition Bureau told the hearing yesterday that Shaw’s assertion of the unprofitability of its wireless business “doesn’t stand up to scrutiny,”
The Ontario Securities Commission announced today that no longer has a reasonable prospect of conviction against three individuals linked to securities offences at CannTrust Holdings Inc. Former CannTrust chief executive Peter Aceto, former chairman Eric Paul and former vice-chairman Mark Litwin pleaded not guilty earlier this year to several offences related to unlicensed growing at the facility in 2021.
Canadian Stocks Moving Markets at Midday
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In Canadian Economics
StatsCan reports that Canadian manufacturing sales rose 2.8% in October, driven by higher prices for petroleum products. Compared with a year earlier, total sales were up 16.5%. The data beat expectations for a 2.0% gain expected by economists.