By Ketki Saxena
Investing.com – The TSX traded in the red this afternoon, even as Wall Street indices rebounded following bets that the US Federal Reserve will hold rates at its next meeting as the SVB crisis sparks fears about systemic financial instability reminiscent of the 2008-2009 crisis.
The commodity heavy Canadian index meanwhile was pressured by a slide in crude prices as SVB fears and worries of systemic financial instability sparked fears of a global recession.
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Analysts are now casting doubt on whether Toronto-Dominion Bank (TSX:TD) will follow through with its planned US$13.4 billion takeover of First Horizon Corp after shares of First Horizon slid over 38% below TD’s offer of $25 per share. As the SVB crisis sparked fears for regional banks, First Horizon Corporation (NYSE:FHN)shares fell 23% by noon before trading being temporarily halted due to volatility.
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Statistics Canada says the ratio of household debt to disposable income improved in the fourth quarter. Household credit market debt as a proportion of household disposable income edged down to 180.5% in the fourth quarter, compared with 184.3% in the third quarter. The reading means there was $1.81 in credit market debt for every dollar of household disposable income.