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Daily Markets Update: Tech Rout Hammers Global Markets as Micron Earnings Loom

  The TSX slipped below 35,000, the Nasdaq shed more than 2%, and South Korea's chip-heavy KOSPI cratered 10% — all before Wall Street's eyes shift to Micron Technology's pivotal earnings report after today's close. Market Snapshot (June 23 Close & June 24 Early Signals) Index / Asset Level Change S&P/TSX Composite 34,927 ▼ 0.2% S&P 500 7,365.46 ▼ 1.44% Nasdaq Composite 25,587.04 ▼ 2.21% Dow Jones Industrial Avg. 51,666.84 ▼ 0.09% KOSPI (South Korea) — ▼ 9.99% Stoxx 600 (Europe) — ▼ ~1.0% WTI Crude Oil $72.06 / bbl ▼ 1.6% Brent Crude $75.86 / bbl ▼ 1.6% Gold (futures) $4,082.20 / oz ▼ 1.62% Silver (futures) $61.49 / oz ▼ 1.65% June 23 official closes. June 24 intraday/futures data where noted. All figures in USD unless stated. 🇨🇦 Canada: TSX Falls Below 35,000 The S&P/TSX Composite Index lost ground for the second consecutive session Tuesday, falling 0.2% to close at 34,927 — a retreat below the closely watched 35,000 mark. The selloff was broad-based...
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New Ontario real estate rules give sellers more options

 

Ontario has introduced new rules for real estate transactions that aim to provide more clarity and choice for buyers and sellers. The rules, which took effect on Friday, include the following changes:

  • Open bidding option: Sellers can now choose to disclose the prices of submitted bids to potential buyers, instead of keeping them secret. This is supposed to make the bidding process more transparent and fair, but it is not mandatory. Some experts say open bidding could reduce overbidding and lower prices, while others say it could have the opposite effect or harm sellers’ interests.
  • Designated representation: Buyers and sellers can now choose a designated representative from the same brokerage, instead of being subject to multiple representation. This means that the agent can advocate more actively for their client, instead of acting as a facilitator with limited advice. This is supposed to avoid conflicts of interest and improve the quality of service.
  • Improved disclosures: Brokers and brokerages have to provide more information to their clients, such as their role, duties, and fees. They also have to give them an information guide from the Real Estate Council of Ontario (RECO), the regulatory body that oversees the industry. RECO also has new enforcement tools to ensure compliance and protect consumers.
  • Amended code of ethics: Agents have to follow an updated code of ethics that reflects the new rules and promotes professionalism and ethical conduct.

The new rules are part of Phase 2 of the changes under the Trust in Real Estate Services Act, which was passed in 2019. The federal government has also promised to end blind bidding as part of its home buyers’ bill of rights, but it is still consulting with stakeholders.

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