By Ketki Saxena
Investing.com -- North American equities rallied today after a better-than-expected US CPI reading. The Consumer Price Index rose 7.7% from a year earlier, down from 8.2% in September and well below the 8.0% increase expected by economists.
All TSX sectors were in the green in a broad-based rally as investor sentiment turned risk on and traders pared back bets on future interest-rate hikes from the Federal Reserve.
The commodity-heavy Canadian index was also supported by a modest rebound in crude prices supported by easing Fed bets and fears of economic slowdown.
The Biggest Stories on Bay Street
Cineplex posted a Q3 profit of $30.9 million or 43 cents per diluted share, compared with a loss of $33.6 million or 53 cents per diluted share a year earlier. Revenue totalled $339.8 million, up 30% from $250.4 million in the same quarter last year as theatre attendance soared with the easing of pandemic restrictions.
Brookfield Asset Management (TSX:BAMa) reported a Q3 net income of $716 million, down from $2.7 billion this time last year, due to lower valuation and disposition gains. However, the firm remains on track for its biggest year of fundraising ever with the launch of fundraising for an opportunistic credit fund expected to be over US$16 billion. The company also said it has US$ 1.25 of deployable assets to weather a recession.
Canadian Tire reported a Q3 profit of $225 million or $3.15 per share, down almost 20% compared to $279.5 million or $4.01 this time last year. Total revenue was at $4.2 billion up 8.1% from last year. The company also raised its quarterly dividend to $1.725 per share up from $1.625 per share.
Paper company Cascades (TSX:CAS) Inc posted a Q3 net loss of $2 million or two cents per diluted, compared with a profit of $32 million or 32 cents per diluted share a year earlier. The company says earnings were impacted by inflation and labour scarcities. due Revenue totalled $1.17 billion, up from $1.03 billion in the same quarter last year.
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In Canadian Economics
In a speech hosted by the Public Policy Forum at the Toronto Metropolitan University, Bank of Canada Governor Tiff Macklem stressed the need to “Rebalance the labour market”, which he called “a symptom of the general imbalance between demand and supply that is fuelling inflation and hurting all Canadians”.