By Ketki Saxena
Investing.com -- The Canadian index tracked Wall Street higher today after robust results from retail giants including Walgreens and Best Buy helped temper concerns of a slowdown in consumer spending amidst an economic slowdown.
The commodity-heavy Canadian index was also supported by a rebound in crude, which fell to its lowest level in 10 months on reports, which ultimately proved, to be unfounded, that OPEC+ was planning to boost output.
However, risk-sentiment remains wary and markets cautious as China expanded COVID-19 lockdowns with shutdowns of public facilities in Beijing, and mass testing in other cities.
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The competition tribunal hearing on the Shaw - Rogers Communications Inc (TSX:RCIa). continues, with Shaw’s CFO Trevor English today telling the regulatory body that Shaw has “no viable path forward as a standalone company”, and requires the merger with Rogers to compete effectively. Shaw also said it has not recouped the $4.5 billion it has invested in its wireless business since 2016.
Canadian Toy and entertainment company Spin Master Corp (TSX:TOY). announced it has signed a deal to buy Canadian puzzle company 4D Brands International Inc. 4D brands range of products includes collectibles from popular franchises including Star Wars, Disney, Harry Potter, Marvel Universe and DC Comics. Financial terms of the agreement have not yet been made available. The deal is expected to close in January.
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In Canadian Economics
Statistics Canada says retail sales fell 0.5% to $61.1 billion in September led by a drop in sales at gas stations, down 2.4% on lower prices. In volume terms, retail sales fell 0.1% in September. Statistics Canada said its early estimate for October points to a gain of 1.5% for the month.
At noon, Bank of Canada Deputy Governor Carolyn Rogers conducts a fireside chat on risks to the stability of the Canadian financial system. The conversation will be hosted by the Ottawa chapter of Young Canadians in Finance. A webcast will be available for the event.