Senate expenses climbed to $7.2 million in 2023, up nearly 30%
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Canada's main stock index had its worst day in nearly a month and the loonie hit a seven-week low as investors continued to react to the U.S. Federal Reserve's commentary about interest rates increasing sooner than expected.
"After the Fed meeting yesterday the market did take a downturn ... and people had overnight to digest it and they're continuing on that track," said Michael Currie, vice-president and investment adviser at TD Wealth.
The S&P/TSX composite index closed down 86.92 points to 20,144.04 for its biggest decline since May 19.
In New York, the Dow Jones industrial average was down 210.22 points at 33,823.45. The S&P 500 index was down 1.84 points at 4,221.86, while the Nasdaq composite was up 121.67 points at 14,161.35.
Commodities took the biggest hits as lower prices and a stronger U.S. dollar hurt both the materials and energy sectors.
"People in those markets are perceiving that it was a hawkish statement by the Fed yesterday so we saw some pretty good and quick declines in both of those," he said in an interview.
In addition to moving up when it expects rates will rise, the U.S. central bank said Wednesday that it expects two quarter-point increases in 2023.
The bank's commentary pushed up the U.S. dollar and caused the Canadian dollar to lose one cent Thursday, falling to 81.03 cents US compared with 82.03 cents US on Wednesday.
Gold and copper prices both dropped, pushing Yamana Gold Inc. down 7.8 per cent as the materials sector was 3.9 per cent lower.
The August gold contract was down US$84.50 at US$1,776.90 an ounce, it's lowest settled price since May 4. The July copper contract was down 14 cents at US$4.24 a pound, a near two-month low.
Crude prices fell despite a drop in U.S. inventories last week to push energy off 4.4 per cent.
The July crude oil contract was down 75 cents at US$71.40 per barrel and the July natural gas contract was down four cents at US$3.21 per mmBTU.
Vermilion Energy Inc. and Crescent Point Energy Corp. were 6.3 and 5.9 per cent lower, respectively.
Technology had the strongest performance on the day, climbing 3.6 per cent as shares of Lightspeed POS Inc. gained 7.5 per cent, Shopify Inc. was up 7.2 per cent and BlackBerry Ltd. rose 5.3 per cent despite objections from some investors toward its executive compensation.
In gaining, Canada's tech sector mirrored movements by the tech-heavy Nasdaq as bond yields decreased.
"There's definitely some big bets being made and covered after yesterday's (Fed) meeting," said Currie, noting some rebalancing back to growth from value sectors that have been strong in 2021.
The reaction by investors depends if they have short- or long-term horizons, he said, noting that interest rates will be rising, but that won't happen for two years.
"Short-term it's not bad news but long-term the inevitable is coming."
This report by The Canadian Press was first published June 17, 2021.
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Police say a baby and a pedestrian suffered non-life-threatening injuries after a vehicle struck a baby stroller and dragged it for two blocks before stopping in Squamish, B.C.
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
The Vancouver Canucks will be without all-star goalie Thatcher Demko when they face the Nashville Predators in Game 2 of their first-round playoff series.
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a Grade 4 student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.