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TSX Set for Weekly Loss; RBC Responds to Poilievre; Retail Sales Decline

Published 2023-10-20, 02:05 p/m
© Reuters.
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By Ketki Saxena

Investing.com -- Canada’s main stock index, the S&P/TSX Composite index was on track for its fourth weekly decline in five weeks, as US 10-year Treasuries hovered near 5%, investors worried about interest rates staying higher for longer, and escalating tensions in the Middle East fanned risk aversion. 

Canadian Stock Market News 

RBC (TSX:RY) has responded to Pierre Poilievre’s call to Finance Minister Chrystia Freeland to block  RBC’s proposed takeover of HSBC Canada. After Poilievre argued that the takeover would reduce competition and negatively affect Canadians, RBC responded that the departure of HSBC Canada’s parent company had caused “instability” for Canadian Customers. RBC says that its take-over plans offer certainty and stability to these customers.  

TC Energy (TSX:TRP) has received approval from US Federal regulators to approve the expansion of its Gas Transmission Northwest Pipeline in the Pacific Northwest. The expansion, GTN Xpress, is designed to expand the capacity of the pipeline, but has faced protests from environmentalists and US officials. 

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today: 

  • Osisko Mining (TSX:OSK)
  • SilverCrest Metals Inc (TSX:SIL)
  • TELUS (TSX:TIXT)

Top Losers on the TSX Today: 

  • Dye & Durham (TSX:DND)
  • Bombardier (TSX:BBDb)
  • Lithium Americas (TSX:LAAC)

In Canadian Economics

Data showed Canadian retail sales fell by 0.1% in August from July, down in six of nine subsectors, cementing bets of a pause in rate hikes from the Bank of Canada next week. 

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