By Ketki Saxena
Investing.com -- The Canadian index rallied this morning, hitting its highest level in over five months early this morning. The TSX continued to climb after yesterday’s Fed minutes indicating that smaller rate hikes were coming “soon”. U.S. markets are closed today for Thanksgiving, and and will close early tomorrow.
The Canadian index was also buoyed by higher metal prices as Fed minutes eased some improved sentiment. Oil however fell for a second day as the EU mulled a higher-than-expected price cap on Russian crude, and lockdowns in China continued to stoke fears of demand destruction.
The Biggest Stories on Bay Street
Manulife Financial (TSX:MFC) will outsource its property operations in Canada to commercial real estate brokerage firm JLL Inc under a short-term contract. Manulife Investment Management’s real estate arm uses a pool of capital to invest in real estate in 29 cities across the United States, Asia and Canada. The move comes as Manulife reported escalating worries of an economic downturn that hampered earnings at its wealth and asset management unit.
Canadian Stocks Moving Markets This Morning
Top Gainers:
Biggest Losers:
In Canadian Economics
At the parliamentary House Standing Committee on Finance late Wednesday, Bank of Canada governor Tiff Macklem reiterated that inflation remained too high and interest rates would need to keep rising. Mr. Macklem also said that any measures by governments to provide inflation relief to Canadians should be highly targeted and temporary.
Statistics Canada reported the number of job vacancies rose 3.8% in September, an increase largely attributable to seasonal variations, as job vacancies typically peak in September. On a year-over-year basis, the total number of job vacancies was little changed.