By Ketki Saxena
Investing.com -- The TSX tracked Wall Street higher this morning, ahead of a busy week of earnings including from big tech. It will also be a major week for Canadian companies' earnings including Shopify (TSX:SHOP), Air Canada, Canadian Pacific Railways, and more. Equities were also supported by a pull back in US treasury yields,
Further gains on the commodity-heavy Canadian index were capped by a decline in crude prices, as a raft of delayed Chinese economic data showed a mixed recovery during the third quarter, riasing worries of demand destruction in the world’s largest importer of crude.
Canadian investors will also be bracing for the Bank of Canada’s monetary policy announcement on Wednesday. Markets are pricing in a high probability of a 75 bps move, although some economists are calling for a smaller 50 bp increase.
The Biggest Stories on Bay Street
Bus manufacturer NFI Group Inc (TSX:NFI). announced a warning this morning that its third-quarter results will be affected by "unreliable" supplier performance for key parts and components, as well as the current macroenvironment and ongoing inflationary pressures. NFI expects an adjusted loss before interest, taxes, depreciation, and amortization between US$15 million and US$17 million for the quarter.
South Africa's Gold Fields reiterated its support for its proposed takeover of Yamana Gold (TSX:YRI) Inc. Shareholders are expected to vote on the deal in four weeks' time. The transaction requires the approval of 75% of Gold Fields shareholders, and 66.67% of Yamana shareholders."We are making good headway in all conversations," Gold Fields CEO Chris Griffith said, adding that "the numbers are pointing in the right direction".
The Caisse de dépôt et placement du Québec is investing up to US$474 million in Shizen Energy, a renewable energy leader in Japan. The cash is earmarked for Shizen to accelerate the rollout of its renewable energy projects. CDPQ and has obtained a seat on the board of the company.
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In Canadian Economics
No Major Canadian Economic Data expected today