Skip to main content

Featured

Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...
Post a Comment
Read more

article

Labels

Finance Minister Chrystia Freeland Resigns Amid Budget Deficit Blowout

 

In a shocking turn of events, Finance Minister Chrystia Freeland announced her resignation from Prime Minister Justin Trudeau's cabinet on Monday. The announcement came just hours before the release of the government's fall economic statement, which revealed a staggering budget deficit of C$61.9 billion, overshooting the target by C$20 billion.

Freeland cited disagreements with Trudeau over the government's economic policies as the primary reason for her departure. She expressed concerns about the "costly political gimmicks" and urged the Prime Minister to collaborate more closely with the country's premiers to address economic challenges.

The fall economic statement, tabled by Government House Leader Karina Gould in Freeland's absence, included over C$20 billion in new spending and highlighted the growing fiscal deficit. The government also pledged C$1.3 billion for border security measures in response to threats of steep tariffs from U.S. President-elect Donald Trump.

Freeland's resignation has thrown the government into disarray, raising questions about the future direction of Canada's economic policies and the potential impact on the upcoming general elections.



Labels:

Comments

Post a Comment