By Ketki Saxena
Investing.com – The TSX tracked the S&P 500 and Dow Jones higher at noon, as a state-backed rescue of Credit Suisse (SIX:CSGN) and a weekend announcement of central banks stepping up U.S. dollar auctions to temper market stress calmed investor concerns around the banker crisis.
Investor sentiment was also optimistic ahead of a monetary policy announcement by the Federal Reserve this week, where it is hoped the central bank will pause rate hikes.
The commodity heavy Canadian index faced some pressure from crude prices, at 15 month lows as fears around the banking sector raised worries of a recession and depressed fuel demand.
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Nordstrom (NYSE:JWN) has been granted court permission to liquidate its merchandise across its stores as the retailer moves to wind up operations in Canada. Since the approval earlier today, Nordstrom has said that the liquidation sale would begin almost immediately. The company is aiming to wrap up the liquidation process by June and close all 13 of its brick-and-mortar locations in Canada.
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At an emergency meeting over the weekend, the Bank of Canada joined a coalition of global central banks to increase the frequency of their U.S. dollar auctions to daily from weekly. The move is an attempt to stem potential strains on global markets and to ensure market liquidity amid the banking crisis, after UBS announced its plan to purchase Credit Suite. The coalition of central banks includes the U.S. Fed, Bank of England, ECB, SNB and the Bank of Japan. The banks will offer daily loans in dollars to their banks, holding daily auctions at least through the end of April.
Later this afternoon, Deputy Prime Minister and Finance Minister Chrystia Freeland is set to deliver an address in Oshawa about the Canadian economy and priorities ahead of budget 2023. The speech is scheduled for 1:30 p.m ET, with a press conference to follow.