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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 ...

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Ontario Liberals and Labour Groups Slam Ford Over Snap Election Call and Alleged Misuse of Public Funds

 

Ontario Premier Doug Ford's recent announcement of a snap election has sparked a wave of criticism from the Ontario Liberal Party and various labour groups. The election, set to take place on February 27, has been labeled as opportunistic and a misuse of public funds by Ford's opponents.

Ford's justification for the early election is the need for a strong mandate to combat potential tariffs from U.S. President Donald Trump. However, opposition parties argue that this is merely a pretext to capitalize on favorable polling and secure an even larger majority.

The Ontario Liberal Party has raised concerns about Ford's use of taxpayer money for activities that could be seen as politically motivated. They argue that Ford's travel to the U.S. and his role as Chair of the Council of the Federation could be construed as partisan actions, especially given the timing of the election.

Labour groups have also voiced their discontent, accusing Ford of prioritizing political gain over the needs of Ontarians. They argue that the snap election will disrupt ongoing projects and initiatives, causing unnecessary chaos and expense.

As the election date approaches, all political parties are scrambling to finalize their candidates and platforms. The Ontario Liberals, NDP, and Progressive Conservatives are all in a race against time to prepare for the unexpected election.

The coming weeks will undoubtedly be a whirlwind of political activity, with each party vying for the support of Ontario's voters. Whether Ford's gamble will pay off remains to be seen, but one thing is certain: the snap election has already stirred up significant controversy and debate.

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