By Ketki Saxena
Investing.com – The TSX tracked Wall Street higher at midday, with investor sentiment boosted by upbeat results from Nike (NYSE:NKE), and US economic data that showed an uptick in consumer sentiment and a decline in inflation expectations.
The commodity-heavy Canadian index also received a boost from crude prices, as US inventories fell by more than expected, and comments from Saudi Arabia's energy minister, who reiterated his confidence in the OPEC+ decision to cut crude output.
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BlackBerry (TSX:BB) fell to the bottom of the TSX today, after a downbeat earnings call after the close yesterday. Blackberry (TSX:BB) reported a net loss of US$4 million in the quarter ended Nov. 30, down from its US$74 million profit in the same quarter last year. The loss amounted to nine cents per diluted share, compared to a five-cent diluted loss last year. Revenue totaled US$169 million, down from US$184 million a year earlier.
Crypto firm Coinbase (NASDAQ:COIN) Global Inc. plans to expand its Canadian operations, even as cryptocurrencies sink to multiyear lows and FTX contagion hits the sector. Coinbase has announced Lucas Matheson, formerly a senior director at Shopify (TSX:SHOP), as its new head of Canada. Much of his role will focus on working with Canadian regulatory officials to register as a restricted dealer in Canada and formally enter the market.
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In Canadian Economics
Statistics Canada reported today that Canadian inflation fell to 6.8% in October, slightly ahead of economist expectations for a 6.7% increase. On a monthly basis, CPI rose 0.1% compared to a 0.7% gain in October. Excluding food and energy, prices were up 5.4 % on a yearly basis, indicating that despite the Bank of Canada’s best efforts, core inflation proves sticky.