By Ketki Saxena
Investing.com – The TSX tracked Wall Street higher this morning, after a robust outlook from GM, declining treasury yields, and an easing in the US employment cost index reading helped boost North American equities ahead of tomorrow’s Federal Reserve interest rate decision.
The commodity heavy Canadian index gained some support from crude prices, which rebounded from two month lows earlier today, boosted by an easing dollar and pared back expectations for the Fed in a week that includes a meeting from OPEC, and major central banks.
The Biggest Stories on Bay Street
Imperial Oil (TSX:IMO) Ltd. posted Q4 profit that more than doubled compared to a year earlier. Imperial earned $1.73 billion or $2.86 per diluted share for the quarter, compared to $813 million or $1.18 per diluted share a year earlier. Total revenue and other income for the quarter was at $14.45 billion, up from $12.31 billion in the fourth quarter of 2021.
Ontario Teachers’ Pension Plan announced it has has paused direct investing in private assets in China, citing geopolitical risk. At a national level, Canada has begun restricting Chinese investment in its critical minerals sector and proposed to change its foreign investment law. The pension fund currently has about $5 billion invested in China, roughly 2% of its portfolio.
Lithium Americas (TSX:LAC) has received a US$650-million financing and supply agreement from General designed for Lithium to build out the Thacker Pass lithium mine in Nevada. The financing remains contingent on regulatory and legal approval to build the mine.
Canadian Stocks Moving Markets Today
Top Gainers:
- Lithium Americas
- Ivanhoe Mines
- Athabasca Oil
Top Losers:
- Denison Mines
- Energy Fuels Inc
- NexGen Energy
In Canadian Economics
Statistics Canada reports that the Canadian economy grew 0.1% in November, in line with economist expectations, and matching the increase in October. Preliminary data shows the economy grew 0.1% in December. Cumulatively, the monthly gains calculate to annualized Q4 growth of 1.6% - sharply lower than 2.9% growth in Q3 and 3.2% in Q2.