By Ketki Saxena
Investing.com – The TSX touched its highest level in nearly eight weeks, and the S&P 500 and Nasdaq rallied to a two-month high after softer-than-expected CPI data boosted bets that the US Federal Reserve is at its terminal rate.
After the data release, traders are betting that the Fed will begin cutting rates in May.
The commodity-heavy Canadian index was also supported by crude and metal prices, which gained on Fed optimism.
Toronto Stock Market News
A consortium led by Glencore (LON:GLEN) Plc will acquire Teck Resources’ steel-making coal unit for $9 billion. Glencore will pay $6.93 billion for a 77T% stake in Teck’s business. Current minority owners steelmakers Nippon Steel Corp. and Posco will hold the rest.
Shawcor slid to the bottom of the TSX after the company missed growth expectations on revenue as it affects a business transformation. Revenue fell to $225.4 million from $234.2 million.
Sun Life Financial (TSX:SLF) reported better-than-expected quarterly profits, with net income for the third quarter was $871 million, up from $111 million a year earlier. Earnings per share were $1.48, up from 19 cents this time a year ago. Sun Life also upped its dividend by three cents to 78 cents per common share.
Manulife Financial (TSX:MFC) Corp. announced it is cutting 250 jobs in its wealth and asset management unit in the U.S., Canada, the U.K. and Asia. Manulife Investment Management CEO Paul Lorentz, noted in a memo to employees: “Like every other asset manager, we are weathering sustained market volatility and, for the first time in 15 years, a market cycle of higher-for-longer interest rates”.
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