By Ketki Saxena
Investing.com – The TSX tracked Wall Street lower at midday, with financials most weighing on thee Canadian index, as Credit Suisse (SIX:CSGN) hit a record low. Credit Suisse woes exacerbated worries of the SVB sparked banking crisis, after Saudi National Bank, a top Credit Suisse investor, said it will be unable to provide any more financial assistance to the Swiss finance firm.
The commodity heavy Canadian index was also pressured by a slide in crude, as oil hit its lowest level in over a year as Credit Suisse concerns spooked investor appetite.
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Canadian Pacific Railway Ltd (TSX:CP). has received an approval from the US Surface Transportation Board to complete its US$27 billion acquisition of Kansas City Southern (NYSE:KSU), and will become the only rail operator serving the U.S., Canada and Mexico.The approval comes with some conditions, including an obligation to keep gateways open to other railroads, to provide a dispute resolution mechanism to address commuter disruptions in Chicago, and an oversight commitment to address any issues that arise from the acquisition for seven years.
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Canadian home prices dropped 1.1% in February month over month, to $704,300 , the smallest month-to-month decline since last March, as per the Canadian Real Estate Association. Home sales began to see an uptick, with transactions up 2.3% month over month. The number of newly listed plunged 7.9% on the month, as supply remains constrained.
In a separate announcement, Canada Mortgage and Housing Corp. says the annual pace of housing starts climbed 13% in February at 243,959 units compared with 216,514 a month earlier.
The British Columbia government has announced it will roll out a new framework for approving oil and gas projects designed to support the province’s emissions targets. The framework will require new liquefied natural gas facilities to have a "credible plan" for net-zero emissions by 2030. There will also be an emissions cap on the industry. The government will aim to fast-track proposals that use clean technologies and create jobs, and launch a task force within BC Hydro to speed up the electrification of the provincial economy with a focus on renewable energy.