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© Reuters.
By Ketki Saxena
Investing.com -- The Canadian index tracked Wall Street lower as expectations for the Fed remaining hawkish continued to amp up. After ADP (NASDAQ:ADP) numbers and Jobless Claims in the US earlier this week, today’s much-watched Non-Farm payrolls reflected robustness in the US economy, giving the Federal Reserve cover to remain aggressive.
Further losses on the commodity-heavy Canadian index were capped by crude’s continued rally, helping the TSX outperform its Wall Street counterpart this morning despite remaining deeply in the red. Oil extended its rally on Friday, on track for sharp weekly gains after OPEC+ cut its output target by 2 million barrels a day earlier this week
The prospect of EU sanctions and oil caps on Russia also loom worsening worries of tight supply. Brent and WTI were both on track for weekly gains of more than 12%.
In a statement, the European Commission said on Friday that Shopify (TSX:SHOP) has committed to putting in place improvements to make online shopping safer for customers. Shopify committed to including fields for company information and contact details in its forms, providing clear guidance to traders on relevant EU consumer law, and providing company details about any EU trader when requested by any national consumer authority. The company also agreed to take down web shops in breach of EU consumer law, as well as to provide the relevant details of those companies.
Teck Resources (TSX:TECKa) announced that it sold 5.6 million tonnes of steelmaking coal in the third quarter, landing toward the bottom end of its revised guidance of 5.5-5.9 million tons. Q3 realized steelmaking coal prices of US$304/tonne were 33% lower than the previous quarter. The company expects to report negative provisional pricing adjustments of $191M in Q3 due to the decline in steelmaking coal prices.
MTY Food Group (TSX:MTY) delivered a mixed bag of earnings. While Q3 Revenue rose 14% as Canadian operations benefitted from the return to public spaces offices, and malls. The company’s brand whose brands include Manchu Wok, Thai Express, and Cold Stone Creamery. However, MTY continues to deal with supply chain challenges and labour shortages that are hampering operations at some of its franchisees and suppliers.
Fund manager Ewing Morris & Co. Investment Partners Ltd., backed by investors that include First Capital REIT’s founder and former chief executive officer Dori Segal, is seeking to replace the REIT’s CEO Bernard McDonell with veteran real estate executive Kelly Marshall. In a press release, Ewing Morris said: “On a one-, three- and five-year basis, First Capital is the worst-performing REIT in Canada and has consistently underperformed both the REIT index and its peer group.
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Canadian employment grew in September after three months of declines, Statistics Canada reported. The country added 21,000 jobs last month, in line with the estimate of a 20,000 gain anticipated by economists. The unemployment rate fell to 5.2% as the labour force shrank, compared to a 5.4% jump in August. Hours worked fell 0.6% in September. The rise in employment ended three consecutive months of losses from June through August, during which the economy shed more than 113,000 jobs.
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