By Ketki Saxena
Investing.com – The Canadian index rose to its highest level in over a month today, tracking Wall Street higher after lower than expected US retail sales, and easing producer prices fuelled hopes for a pivot from the Federal Reserve in February.
The commodity heavy Canadian index was also supported by gains in crude, with continued optimism about China’s reopening a day after its economy slowed to an underwhelming 3% in 2022, but still beat expectations for a more significant contraction.
The Biggest Stories on Bay Street
The US Federal Reserve has approved Bank of Montreal’s takeover of San Francisco-based Bank of the West. The move will make Bank of Montreal (TSX:BMO) U.S. subsidiary BMO Financial Corp. the 15 largest US lender, with consolidated assets of US$286.8 billion. The $16.3 billion deal, is the largest ever by a Canadian bank, and expected to close on Feb 7.
Canadian Stocks Moving Markets Today
Top Gainers:
- Dundee Precious Metals
- Algoma Steel
- MTY Foods
Top Losers:
- Wesdome Gold
- Pason Systems
- Torex Gold
In Canadian Economics
Statistics Canada reported that he Industrial Product Price Index (IPPI), which measures price changes for outputs of the Canadian manufacturing industry, declined 1.1% month over month in December, and was up 7.6% year over year. The Raw Materials Price Index (RMPI), which reflects the prices paid by Canadian manufacturers for key raw materials , fell 3.1% on a monthly basis in December and increased 7.5% year over year.