By Ketki Saxena
Investing.com –- Canada's main stock index, the S&P/TSX Composite rose by late afternoon trading, in a day of thin trading volumes, with US markets closed on Monday due to the Martin Luther King Jr. Day Federal holiday.
The commodity heavy Canadian index was supported by the heavyweight energy sector, as investors weighed the impact supply disruptions due to the escalating Mid-East conflict.
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Toronto Stock Market News
Thomson Reuters (TSX:TRI) announced that it has upwardly revised its offer to buy Sweden's Pagero upwards by 25%, to about $789 million. Thomson Reuters now seeks to control about 54% of Pagero.
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In Canadian Economics
The Bank of Canada’s release of its Business Outlook Survey and Canadian Survey of Consumer Expectations. The consumer survey shows inflation expectations to have moderated, and that expectations for wage growth remain elevated.
The BOS meanwhile showed a mixed bag - easing pressure on input and output prices. However, sales volumes are expected to deteriorate, and inflation is expected to take longer than 4 years to return to the 2% target. Wage growth is expected to slow “only gradually”, and remain well above the historical average,
The Canadian Real Estate Association released Canadian housing market data for December, which showed a jump in activity both on a monthly and annual basis. Prices, while moderating on a monthly basis in December, continued to rise year over year.
For 2024, CREA expects sales activity to jump 10.4% from 2023, expecting 489,661 residential properties to trade hands. The national average home price meanwhile is forecast to rise 2.3% on an annual basis to $694,173.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.