By Ketki Saxena
Investing.com -- The TSX reversed the morning's losses to eke out a monday in late-afternoon trading, and Wall Street indexes also rose, although the broader mood remains sour after the Fed doubled down on its hawkish stance in its most recent meeting's minutes, and as US produce prices rose slightly more than expected.
PPI rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. The reading was still lower than an 8.7% increase in August. Money markets arepricing in a 92% chance of another 75-basis-point hike from the Fed in November.
Further gains on the Canadian index were capped by broad based losses in metals, and a continued slide in crude prices, as worries of slowing economic activity raised concerns of declining demand for the commodities. Fears about an economic slowdown have been further heightened following yesterday’s warnings from the International Monetary Fund and the World Bank.
The Biggest Stories on Bay Street
Brookfield Renewable Partners and Cameco Corp will acquire nuclear company Westinghouse Electric Company for US$4.5 billion, plus debt, from another unit of Brookfield and its institutional partners.Brookfield Renewable will own a 51% interest in Westinghouse and Cameco will own 49%. Brookfield will pay US$2.3 billion and Saskatoon-based Cameco will contribute the remaining US$2.2 billion. Including assumed debt, the transaction comes in at an enterprise value of US$7.875 billion
Also in the nuclear space, Uranium Energy Corp. will be buying the Roughrider project in Saskatchewan from Rio Tinto (LON:RIO) for US$80 million in cash and 17.8 million UEC shares. Based on recent closing prices, the deal is currently valued at US$150 million. The Roughrider property, found in the Athabasca Basin, is said to have a historic resource estimate, assembled in 2011, of 58 million pounds of uranium at a grade averaging 4.73%. UEC now intends to complete an updated S-K 1300 technical report on the project, which will utilize 650 drill holes completed on the property.
Hydro-Québec has signed a deal to buy U.S. power generator Great River Hydro LLC, currently owned by ArcLight Capital Partner, for US$2 billion. Great River owns 13 hydropower generating stations with a total installed capacity of 589 megawatts across New England. Hydro-Québec says the acquisition will help diversify its revenue streams in its main export market.
Canada Post will now offers loans as it officially launches a partnership with TD Bank (TSX:TD) Group. In the program, called MyMoney, Canada Post employees help direct customers on how to apply for the loans either online or by phone, while TD will support customers through the application, decision-making and funding process. The personal loans start at $1,000 and have flexible repayment terms at TD interest rates.
Canadian Stocks Moving Markets This Morning
Top Gainers:
Top Losers:
- Cameco
- Innergex Renewables
- Ballard (TSX:BLDP)
In Canadian Economics
No major Canadian economic data is expected today, however a Survey for Bloomberg news suggests that 30% of Canadians think Conservative Party of Canada Leader Pierre Poilievre is the most trusted at fighting inflation. 22% of respondents picked Prime Minister Justin Trudeau, while 10% chose NDP leader Jagmeet Singh. 18% of respondents said none of the leaders can be trusted.