'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Canada's main stock index partially recovered from last week's heavy losses as a bipartisan infrastructure deal in the United States drove crude oil prices above US$74 a barrel.
The US$1.2-trillion package over eight years includes a focus on roads and U.S. transportation infrastructure that bodes well to a continuation of the reopening theme as the number of vaccinations continue to increase, says Macan Nia, senior investment strategist at Manulife Investment Management.
“Just positive news from vaccination front and then also the infrastructure agreement out of the U.S. that is having upward pressure on the oil complex,” he said in an interview.
The August crude contract was up 75 cents at US$74.05 per barrel and the August natural gas contract was up 8.3 cents at US$3.52 per mmBTU.
That helped the energy sector on typically quiet summer day with shares of Arc Resources Ltd. climbing five per cent.
Crude prices increased 3.9 per cent in the past week as supply remains constrained despite growing global demand.
OPEC and its partners will meet next week to decide if output will increase.
The S&P/TSX composite index closed up 15.14 points to 20,230.26.
In New York, the Dow Jones industrial average was up 237.02 points at 34,433.84. The S&P 500 index was up 14.21 points at 4,280.70 after hitting a record 4,286.12, while the Nasdaq composite was down 9.32 points at 14,360.39.
Markets were also impacted by the latest personal consumption expenditures (PCE) data. The Federal Reserve's preferred measure of inflation showed underlying price increases were up less than expected in May. Core PCE rose 3.4 per cent year-over-year, which is above the Fed's two per cent target and the fastest increase since the early 1990s.
“It was high, but less than what consensus was expecting and we see that (having) an impact on rates in the U.S.,” said Nia.
Rising inflation has become a hot topic of debate among market watchers since it could determine how quickly interest rates will rise and when central banks will taper stimulus by pulling back bond purchases.
The Fed insists inflation increases are “transitory” or temporary, while others fear they are more enduring.
“I think it is going to be the biggest theme for the remainder of the year. That's why markets pay close attention to these inflation prints, like the one today, just to get clues where inflation is going,” he said.
Nia's team believes inflation is more persistent given labour shortages, commodity prices and pent-up consumer demand.
“So when you combine all these three things together, it's very easy for us to envision an environment where inflation is north of two-and-a-half, trending towards three for the remainder of the year.
Inflationary numbers will not only determine fixed income returns but also equity performance.
Markets have increased strongly so far this year, with the TSX up 16 per cent.
Nia said some customers have asked whether it's time to sell to lock-in gains.
“We've had a great six months of the year, but we believe that there's still gains to be had on the table in this environment.”
The heavyweight financials sector was the leader Friday on the TSX, gaining about a half a percentage point on rising 10-year bond yields as shares of Manulife Financial increased 1.8 per cent.
The Canadian dollar traded for 81.36 cents US compared with 81.20 cents US on Thursday.
Materials was one of the laggards even though gold prices climbed. Shares of B2 Gold Corp. lost 3.4 per cent.
The August gold contract was up US$1.10 at US$1,777.80 an ounce and the July copper contract was down 1.9 cents at US$4.29 a pound.
This report by The Canadian Press was first published June 25, 2021.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.