أخبار عاجلة
مأساة في باريس.. الضحايا 7 أطفال ووالدتهم -
مرة أخرى.. فينيسيوس في مرمى "العنصرية" بوصف قبيح -

Toronto market ends slightly down as Magna slides

Toronto market ends slightly down as Magna slides
Toronto market ends slightly down as Magna slides

اخبار العرب-كندا 24: الثلاثاء 24 يناير 2023 10:37 مساءً

By Fergal Smith

(Reuters) -Canada's main stock index edged slightly lower on Tuesday, pressured by a sharp drop in the shares of Magna International Inc and worries that higher borrowing costs would weigh on the corporate earnings outlook.

The Toronto Stock Exchange's S&P/TSX composite index ended down 2.03 points at 20,629.55, after posting on Monday its highest closing level in more than seven months.

The U.S. benchmark index S&P 500 also ended slightly lower.

"The issue for 2023 is going to be watching the lagged effects of the interest rate hikes that occurred last year," said Brian Madden, chief investment officer at First Avenue Investment Counsel in Toronto.

"The bigger issue for Canada and the U.S. is going to be not so much digesting the rate hikes but resetting expectations for corporate earnings because they are too high, given the macroeconomic environment."

Investors worry that aggressive interest rate hikes could trigger a recession, with data on Tuesday showing that U.S. business activity contracted for the seventh consecutive month in January.

The Bank of Canada will hike its key interest rate by a quarter of a percentage point to 4.5% on Wednesday and then hit pause on its tightening campaign, a Reuters poll of economists showed.

Shares of Magna slumped 7.2% after the automotive supplier cut its earnings margin outlook. That weighed on the consumer discretionary sector, which lost 0.7%.

Technology fell 1.1% and energy was down 1% as U.S. crude oil futures settled 1.8% lower at $80.13 a barrel, giving back some of its recent gains.

A Canadian court dismissed the competition bureau's effort to block Rogers Communications Inc's C$20 billion ($14.9 billion) bid to buy Shaw Communications Inc, in a boost to the companies' efforts to close a deal struck nearly two years ago.

Rogers rose 2.9% and Shaw was up 2.8%.

(Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Krishna Chandra Eluri and Deepa Babington)

تم ادراج الخبر والعهده على المصدر، الرجاء الكتابة الينا لاي توضبح - برجاء اخبارنا بريديا عن خروقات لحقوق النشر للغير

السابق Most controversial moments from the Grammy Awards over the years
التالى These entrepreneurs are behind Calgary's first all-female Black collective

 
c 1976-2021 Arab News 24 Int'l - Canada: كافة حقوق الموقع والتصميم محفوظة لـ أخبار العرب-كندا
الآراء المنشورة في هذا الموقع، لا تعبر بالضرورة علي آراء الناشرأو محرري الموقع ولكن تعبر عن رأي كاتبيها
Opinion in this site does not reflect the opinion of the Publisher/ or the Editors, but reflects the opinion of its authors.
This website is Educational and Not for Profit to inform & educate the Arab Community in Canada & USA
This Website conforms to all Canadian Laws
Copyrights infringements: The news published here are feeds from different media, if there is any concern,
please contact us: arabnews AT yahoo.com and we will remove, rectify or address the matter.