By Ketki Saxena
Investing.com -- North American equities traded in the red this morning after hawkish comments from Federal Reserve policymakers, while the dollar surge and yields surged.
St. Louis Fed President James Bullard this morning flagged the need for rates to possibly rise to a 5% to 7% range. His comments come a day after San Francisco Fed President Mary Daly said a pause in rate hikes was “off the table.”
The commodity-heavy Canadian index was also pressured by oil prices, which retreated after easing geopolitical concerns. Concerns of immediately disrupted supply from Russia eased after Poland and NATO said rockets that fell in Polish territory were likely not of Russian origin. Concerns about demand destruction in China following rising Covid-19 cases also pressured the commodity.
The Biggest Stories on Bay Street
Bank of Montreal’s asset management arm is partnering with U.S. portfolio manager Cathie Wood’s ARK Investment Management to launch three mutual funds and three exchange-traded funds on Thursday– including Ms. Wood’s famous innovation fund that invests in tech disruptors such as Zoom and Tesla (NASDAQ:TSLA). The BMO (TSX:BMO) funds will trade under similar tickers to the ARK funds but on the Toronto Stock Exchange
NordStar Capital owners Paul Rivett and Jordan Bitove entered into arbitration Wednesday after mediation talks failed between the two former business partners. Mr. Rivett went to court claiming he and his partner were deadlocked and could no longer work together. The former partners seek to dissolve NordStar, a private equity firm in which they are equal partners and divvy up assets that include the Toronto Star newspaper.
Brookfield Asset Management Inc. plans to expand into Saudi Arabia. Managing director Aanandjit Sunderaj will relocate to the Riyadh office once open, according to a statement, joining BlackRock Inc (NYSE:BLK), JPMorgan Chase & Co (NYSE:JPM)., HSBC Holdings Plc (LON:HSBA) and Citigroup Inc (NYSE:C). in increasing their footprint in the Kingdom following wide-ranging economic reforms that sparked an influx of banking activity.
Tims China, the Chinese operator of Canadian coffee chain Tim Hortons in China said on Thursday it had forged a two-year partnership with Alibaba (NYSE:BABA) Group’s grocery chain that will see the two launch co-branded products. Tims China is backed by Tencent Holdings and currently has 500 outlets in China.
Canadian Stocks Moving Markets this Morning
Biggest Gainers:
- Wesdome Gold
- Hydro One
- Canadian Pacific
Top Losers:
- Equinox Gold
- Descartes Systems
- First Quantum
In Canadian Economics
No major Canadian Economic Data