By Ketki Saxena
Investing.com -- In a broad-based rebound, the Canadian index tracked wall street higher today as benchmark U.S. treasury yields retreated, and US long-term inflation expectations continued to ease in September - despite today’s hotter-than-expected US Personal Consumer expenditure print.
The commodity-heavy Canadian index was also supported by gains in materials stocks, with investors rallying to recently depressed Canadian miners. Crude however, traded in the red as worries of an economic downturn dominated, even as OPEC+ mulled output cuts.
The Biggest Stories on Bay Street
The Royal Bank of Canada (TSX:RY) has cut close to 1% of its capital market staff, or roughly 30 junior staff in the United States as part of its annual performance. A U.S.-based RBC spokesperson said in an email that “minimal cuts” were made to the U.S. investment banking business, in line with “normal attrition.
Algonquin Power & Utilities has renegotiated its takeover of Kentucky Power. The deal is now valued at US$2.646 billion (including $1.221 billion in assumed debt), compared to a value of US$2.846 billion in total last October.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
- NexGen Energy Ltd. (TSX:NXE)
- Canada Goose (TSX:GOOS) (-2.32%)
- Badger Infrastructure Solutions Ltd (TSX:BDGI) (-1.66%)
In Canadian Economics
Canada Mortgage & Housing Corp. revised its forecast for the expected decline in Canadian housing prices by mid-2023. CMHC now predicts a 10% to 15% decline in house prices next year, compared to its July call for a 5% decline. In an Interview, CMHC Chief Executive Officer Romy Bowers said “We’ve seen that inflation has been more persistent than we originally anticipated and the Bank of Canada is taking more aggressive action, so we’re in the process of revising our forecasts”.
More Canadians are retiring than ever before, with an increasing number retiring before they turn 65. A new survey by the Canadian Centre for Policy Alternatives (CCPA) found that 73,000 more people retired for the year ended August 2022 compared to the year prior, representing a jump of 32%.