Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
Canada's main stock index was down by more than 150 points or 0.8 per cent Monday, weighed down by losses in energy, financials, utilities and metals, while U.S. indexes tumbled by more than 1.5 per cent.
The S&P/TSX composite index was down 163.28 points at 20,220.49.
In New York, the Dow Jones industrial average was down 497.57 points, or 1.45 per cent, at 33,849.46. The S&P 500 index was down 62.18 points, or 1.54 per cent, at 3,963.94,while the Nasdaq composite was down 176.86 points, or 1.58 per cent, at 11,049.50.
One of the big stories of the day is the continued concern over China's COVID-19 restrictions as cases rise, said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.
"That's definitely taking a bit of a bite out of the risk appetite of the market," he said.
This is leading to a higher U.S. dollar which is putting pressure on commodities, said Archibald.
The December gold contract was down US$13.70 at US$1,740.30 an ounce and the March copper contract was down one and a half cents at US$3.62 a pound.
More hawkish language from Fed speakers Monday, though unsurprising, helped bolster expectations that rates will be "higher for longer," he said.
The Canadian dollar traded for 74.33 cents US comparedwith 74.76 cents US on Friday.
Despite the concerns regarding China, oil was actually up Monday, noted Archibald -- but that's because it's recovering some losses after being hit hard overnight.
The January crude contract was up 96 cents at US$77.24 per barrel and the January natural gas contract was down 13 cents at US$7.20 per mmBTU.
Headlines speculating that OPEC plus is considering production cuts likely helped claw back some gains on oil during late-morning trading and into the afternoon, he said.
However, energy stocks aren't seeing the same recovery, he said. The TSX energy index was down 1.65 per cent Monday.
Throughout the year, energy stocks have performed better than oil prices, said Archibald, and the question remains of where they're going to meet: either energy stocks will soften or oil prices will go up again.
This "battle going on in the marketplace" is going to break at some point, he said.
"It just remains to be seen which way."
Archibald said bank earnings this week will help give a sense of how the consumer is doing, while U.S. employment data released Friday will indicate the effects of rate hikes in November.
There's "lots of information for the Fed to kind of chew on" going into the final rate decision of the year, he said.
"I still continue to believe we're getting probably fairly close to the end of the hiking cycle."
This report by The Canadian Press was first published Nov. 28, 2022.
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
In March, Indonesian officials and local fishermen rescued 75 people from the overturned hull of a boat off the coast of Indonesia. Until now, little was known about why the boat capsized.
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.
A long-simmering feud between hip-hop superstars Drake and Kendrick Lamar reached a boiling point in recent days as the pair traded increasingly personal insults on a succession of diss tracks. Here’s a quick overview of what’s behind the ongoing beef.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Whether passionate about Poirot or hungry for Holmes, Winnipeg mystery obsessives have had a local haunt for over 30 years in which to search out their latest page-turners.
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.