B.C. seeks ban on using drugs in 'all public spaces,' shifting approach to decriminalization
The B.C. government is moving to have drug use banned in 'all public spaces,' marking a major shift in the province's approach to decriminalization.
Canada's main stock index ended down Monday on widespread losses driven by rising concerns about economic growth that also pushed U.S. markets lower.
"It's down right across the board, all the major indexes, the Canadian dollar, gold, oil, pretty much you name it, most of the sectors are down," said Michael Currie, vice-president and investment adviser at TD Wealth.
The declines, a continuation of market pressure in recent weeks, have accelerated since U.S. Federal Reserve Chair Jerome Powell emphasized last week what he was willing to do to get inflation under control, said Currie.
"Chairman Powell seemed to allude to the fact that they're not really concerned if there's a recession, it's just all about inflation, he'll do whatever it takes, which really means interest rates will just kind of go up and up. Most firms are upgrading how high their rates are going to go, and it seems that for just about everything, higher rates are bad news."
The growth outlook also took a knock Monday after the Organization for Economic Co-operation and Development warned of slowing growth as Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic act as a drag on the global economy.
The organization also downgraded its outlook for growth in Canada to 3.4 per cent this year and 1.5 per cent in 2023. The forecast was down from its June economic outlook that predicted growth in Canada to be 3.8 per cent this year and 2.6 per cent next year.
The darkening outlook left the S&P/TSX composite index down 153.94 points at 18,327.04 on Monday, making for a loss of about a thousand points since the last week's Fed decision, and more than 1,800 points since Powell hinted at much the same at Jackson Hole in late August.
Energy led declines with the S&P/TSX index down 3.4 per cent on the day, including drops of almost eight per cent from Baytex Energy Corp. and Athabasca Oil Corp.
The sector was down as oil November crude contract was down US$2.03 per barrel at US$76.71, while the November natural gas contract was up 2.2 cents at US$7.01 per mmBTU.
Utilities, base metals and telecoms also declined, while industrials and information technology made modest gains.
In New York, the Dow Jones industrial average was down 329.60 points at 29,260.81. The S&P 500 index was down 38.19 points at 3,655.04, while the Nasdaq composite was down 65.01 points at 10,802.92.
Rising U.S. interest rates and economic fears have led to strong gains for the U.S. dollar that accelerated Monday as investors fled the British pound over concerns of a huge tax cut plan.
The rising U.S. dollar, along with falling stocks and energy prices, pushed the Canadian dollar to 72.91 cents US, compared with 73.69 cents US on Friday, to push it below 73 cents for the first time since the early days of the pandemic.
A higher U.S. dollar, and rising U.S. treasury yields, also put pressure on gold, which was down US$22.20 at US$1,633.40 an ounce for its lowest level in more than two years, while the December copper contract was down five cents at US$3.30 a pound.
The trends pushing up the U.S. dollar, and so many other assets down, don't look to end any time soon, said Currie.
"As long as you've got such a dominant country like the States with high interest rates, then globally, money is just going to flock there until somebody offers better, or the rates come down, and there's no perception that either of those things are happening any time soon."
The B.C. government is moving to have drug use banned in 'all public spaces,' marking a major shift in the province's approach to decriminalization.
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
The Canadian Transportation Agency has hit a record high of more than 71,000 complaints in a backlog. The quasi-judicial regulator and tribunal tasked with settling disputes between customers and the airlines says the backlog is growing because the number of incoming complaints keeps increasing.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
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.