By Ketki Saxena
Investing.com -- North American indices traded in the red this morning as U.S. retail spending rose by more than expected in October, growing 1.3% month over month. The robust data raises the case for further aggressive moves from the U.S. Federal Reserve to further slow the economy. Equities were also pressured by a downbeat beat from Target (NYSE:TGT) that raised concerns of a slowdown for the sector in the crucial holiday season.
The commodity-heavy Canadian index was also pressured by falling oil prices, after the resumption of flows through the Drubhza pipeline, which carries oil from Russia to Hungary. The pipeline had suffered a brief outage yesterday due to technical reasons. Sentiment was also pressured by rising Covid-19 cases in China this week.
The Biggest Stories on Bay Street
Loblaw Companies (TSX:L) reported a third-quarter profit of $556 million or $1.69 per diluted share, up 30% from $431 million or $1.27 per diluted share in the same quarter last year. Revenue totalled $17.39 billion, up from $16.05 billion in its third quarter of 2021.
Metro (TSX:MRU) Inc reported a Q4 profit of earned $168.7 million or 70 cents per diluted share, compared to $194.0 million or 79 cents per diluted share a year ago. Revenue was at $4.43 billion, up from $4.09 billion last year. The company took a $60-million one-time charge for the withdrawal of a drugstore it owns from the Air Miles program.
Restaurant Brands International (TSX:QSR) - The parent company of Tim Hortons, Burger King, and Popeye’s amongst others - has named a former chief executive of Domino's Pizza, Patrick Doyle, as its new executive chair. Daniel Schwartz and Alex Behring, the former co-chairs at RBI, will stay on to serve on the company's board of directors.
Canadian Stocks Moving Markets This morning
Top Gainers:
- Stelco
- Restaurant Brands International
- NFI Group
Biggest Losers:
In Canadian Economics
After declining for several months, Canadian inflation held steady in October, rising 6.9% year over year. On a monthly basis, the consumer price index was up 0.7% as gas prices and shelter costs increased, while food prices eased.
Canada Mortgage and Housing Corporation reported the annual pace of housing starts slowed in October. Housing starts in October was 267,055 units, down 11% from 298,811 units in September. In Canada’s metros, the annual pace of starts was down in Toronto and Vancouver, while Montreal posted an increase.