Manager, media relations and issues management at the Canada Infrastructure Bank.
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Articles by Ross Marowits
S&P/TSX composite ends best week since February 2021 despite Friday losses
TORONTO - Canada’s main stock index snapped a five-day winning streak on a broad-based decline including its largest sectors, but still posted its best week in more than a year. The S&P/TSX composite index closed down 79.93 points to 18,982.92 points, but still ended the week up 3.2 per cent for its strongest performance since February 2021. The Toronto market is up 0.6 per cent in July but down 10.6 per cent so far in 2022.
S&P/TSX composite bounces back after early pressure from lower oil prices
TORONTO - North American stock markets continued their July recoveries despite early pressure Thursday from lower crude oil prices and Europe’s central bank raising interest rates for the first time in 11 years. The S&P/TSX composite index closed up 42.18 points to 19,062.85 after hitting an intraday low of 18,870.76. It is up 1.1 per cent so far this month after falling nine per cent in June. In New York, the Dow Jones industrial average was up 162.06 points at 32,036.90.
S&P/TSX composite bounces back after early pressure from lower oil prices
TORONTO - North American stock markets continued their July recoveries despite early pressure Thursday from lower crude oil prices and Europe’s central bank raising interest rates for the first time in 11 years. The S&P/TSX composite index closed up 42.18 points to 19,062.85 after hitting an intraday low of 18,870.76. It is up 1.1 per cent so far this month after falling nine per cent in June. In New York, the Dow Jones industrial average was up 162.06 points at 32,036.90.
Tech stocks help lift S&P/TSX composite higher as bounce continues
TORONTO - A surge in Shopify shares powered the technology sector higher as the bounce in Canada's largest market index continued for a fourth day. The S&P/TSX composite index closed up 82.96 points to 19,020.67. In New York, the Dow Jones industrial average was up 47.79 points at 31,874.84. The S&P 500 index was up 23.21 points at 3,959.90, while the Nasdaq composite was up 184.50 points at 11,897.65.
S&P/TSX composite up more than 300 points in broad-based rally led by financials
TORONTO - Strong earnings results in the U.S. pushed North American stock markets higher as investors welcomed signs that economic growth may not be as bad as originally thought. The S&P/TSX composite index increased for a third-straight session to close up 342.09 points or 1.8 per cent to 18,937.71. In New York, the Dow Jones industrial average was up 754.44 points at 31,827.05.
Energy leads S&P/TSX composite higher while U.S. markets lose early gains
TORONTO — A broad rally led by the energy sector sent Canada's main stock index higher while U.S. markets ran out of gas after getting a morning boost. Craig Fehr, investment strategist at Edward Jones, said the TSX outperformed on the back of what has largely powered the index for much of the year: energy and materials. "The move that we're seeing might be just a bit of a relief rally, particularly in oil.
S&P/TSX composite snaps five-day skid but closed down 3.3 per cent for week
TORONTO - Canada’s main stock index broke a five-day losing streak but still ended the week off 3.3 per cent as crude oil and gold prices struggled over the past five trading sessions. The S&P/TSX composite index closed up 65.39 points to 18,394.45, but was down for the week as crude oil prices decreased nearly seven per cent and gold was 2.2 per cent lower. In the U.S., a lift from bank earnings and good retail sales numbers contributed to the better market performance.
Canadian dollar falls to a 20-month low after supersized interest rate hike
Author of the article: Canadian Press Ross Marowits A Canadian dollar coin is pictured in North Vancouver, B.C. Wednesday, May 29, 2019. Photo by JONATHAN HAYWARD /THE CANADIAN PRESS Article content TORONTO — The Bank of Canada’s largest interest rate hike in 24 years caused the loonie to drop to a 20-month low as investors feared the U.S. Federal Reserve would mirror the full percentage point hike in two weeks.
Canadian dollar falls to a 20-month low after supersized interest rate hike
Article content “The U.S. dollar remains so strong that no currency defies its strength,” said Ipek Ozkardeskaya of Swissquote Bank SA. Scotiabank chief currency strategist Shaun Osborne said “risk aversion” was dragging the Canadian dollar lower after the Bank of Canada’s bold move. “Weaker crude may be weighing on Canadian dollar sentiment at the margin but that would be harsh, given that stronger crude has barely helped the Canadian dollar in the past few months,” he wrote in a report.
S&P/TSX composite bounces back from morning low after supersized rate hike
TORONTO - North American stock markets partially bounced back from disappointing news Wednesday of a supersized interest rate by the Bank of Canada and hotter than expected U.S. inflation numbers. Markets plunged out of the gate in the morning after the June U.S. consumer price index numbers exceeded expectations, with inflation in that country reaching a 40-and-a-half year high of 9.1 per cent.
S&P/TSX composite closes at 15 month low as crude oil drops on recession fears | Globalnews.ca
By Ross Marowits The Canadian Press Canada’s main stock index fell to its lowest close in more than 15 months as crude oil prices slumped on renewed COVID-19 lockdowns in China and growing concerns that central bank responses to hot inflation numbers will prompt a recession and weaken demand.
S&P/TSX composite falls in broad decline ahead of expected interest rate hike
TORONTO — North American stock markets moved lower to start a busy week with the Bank of Canada expected to hike interest rates, new U.S. inflation numbers forecast to be higher and the U.S. quarterly earnings season set to get underway. "There is some general caution ahead of a couple of important market catalysts," said Angelo Kourkafas, investment strategist at Edward Jones.
S&P/TSX composite slips but ends week higher even as jobs report supports rate hikes
TORONTO — Canada's main stock index ended up for the week despite slipping Friday after a June jobs report reinforced expectations that the central bank will pursue another aggressive interest rate hike next week. "Today is all about jobs and what that entails," said Allan Small, senior investment adviser at IA Private Wealth. In Canada, the economy lost 43,000 jobs last month but the unemployment rate fell to a record low of 4.9 per cent.
S&P/TSX composite slips but ends week higher even as jobs report supports rate hikes
Article content North American stock markets ended the week higher. The TSX increased 0.9 per cent, while U.S. markets were up between 0.8 and 4.6 per cent. Small said he’s hopeful that stock markets will regain a lot of their losses in the coming months. “I really believe that the U.S. markets and even our market will have a positive second half to the year based on the fact that I think the central banks are going to slow down their interest rate hikes.
Rebound in energy prices pushes North American stock markets higher
TORONTO — North American stock markets surged Thursday in a broad rally led by the energy sector as crude oil prices rebounded from two days of weakness. Markets got off to a strong start on a report about China preparing to inject US$220 billion of stimulus with infrastructure spending. "That certainly helped with a risk-on tone to start the day," said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.
S&P/TSX composite bounces back but still falls on crude, metals weakness
TORONTO - Canada’s main stock index bounced back near the end of day to avoid its weakest close in 15 months, but still ended down on commodity weakness with crude oil and metals sinking on recession fears. “It is the fifth day in a row that the TSX underperforms the S&P, which has not happened this year yet,” said Jules Boudreau, an economist at Mackenzie Investments.
S&P/TSX catches up with U.S. markets to start second half of year on broad rally
TORONTO - Canada’s main stock index began the second half of the year with a broad rally that mirrored Friday’s Canada Day performance of U.S. markets. The S&P/TSX composite index closed up 167.50 points to 19,028.86 after reaching an intraday high of 19,129.70. U.S. stock markets were closed for the Independence Day holiday but gained about one per cent to close out the week.
North American stock markets wrap up brutal quarter and first half of 2022
TORONTO — Allan Small said the first half of 2022 has proven to be the worst run of his 25-year investment career. Canada's main stock index concluded its weakest quarter since before the pandemic while U.S. markets endured their worst six-months runs in decades on fears that rising interest rates will throw the economy into recession.
North American stock markets wrap up brutal quarter and first half of 2022
Article content The Canadian dollar traded for 77.60 cents US compared with 77.65 cents US on Wednesday. Shopify Inc. decreased 5.6 per cent to push technology lower while Laurentian Bank fell 2.5 per cent to lead a drop in the heavyweight financial sector. Small is hoping for a better second half of the year after central banks conclude their aggressive interest rate hikes to tame soaring inflation.
S&P/TSX composite falls on fears that rising rates will reduce demand for oil
TORONTO — Energy and technologies helped push Canada's main stock index lower as a shrunken U.S. economy last quarter and aggressive comments from Fed officials had investors worrying about weaker demand and a potential recession. The government reported Wednesday that the economy shrank at a 1.6 per cent annual pace in the first three months of the year.
Waning consumer confidence, Fed speeches move North American stock markets lower
TORONTO - Waning consumer confidence and Fed warnings about interest rate hikes pushed North American stock markets lower ahead of data Wednesday that could confirm the U.S. is in a technical recession. After getting off to a positive start, markets floundered after two Federal Reserve members burst the bubble of investors who thought weaker economic data could prompt the central bank to pull its foot off the pedal of aggressive rate hikes.
S&P/TSX composite gains nearly 200 points to continue Friday’s strong move higher
TORONTO - Energy and commodities led Canada’s main stock index to continue its upward climb, however U.S. stock markets dipped after posting their best week since 2020. The energy sector was bolstered by a rise in crude oil prices as Europe is preparing to impose additional sanctions against Russia. Mona Mahajan, senior investment strategist at Edward Jones, said there’s also probably a bit of a rebound after some weakness last week.
Commodities, tech lead broad rally as S&P/TSX composite has best day in six weeks
TORONTO - A commodities and tech led rally propelled Canada’s main stock index to its best performance in six weeks as it ended a wild week that was positive for the first time since early June. U.S. markets were even stronger as sentiment was buoyed by comments from a Federal Reserve member and a report that ignited hopes that perhaps inflation has peaked.
CPP Investments looks global but no immediate plans to invest in Ukraine rebuild: CEO
Article content “The Russian invasion of Ukraine was a bit of a game-changer for people,” he said. In responding to a question from a member of the audience, Graham said it doesn’t support total divestment from the oil and gas sector even though it began incorporating climate change risks and opportunities into its portfolio more than a decade ago. “We believe it’s counterproductive to achieving net zero,” he said.
CPP Investments looks global but no immediate plans to invest in Ukraine rebuild: CEO
TORONTO - Canada’s largest pension fund manager says it will continue to look for investment opportunities around the world but has no current plans to help with Ukraine’s eventual reconstruction once the war with Russia ends. “We never close the door to an investment opportunity, but it would come back to us looking at it as an investment opportunity,” CPP Investments CEO John Graham said in an interview Thursday.
Energy sector falls to push S&P/TSX lower after inflation hits near 40-year high
TORONTO - Fears of weakened demand stemming from higher interest rates pushed the energy sector and Canada’s main stock index lower midweek as inflation hit a near 40-year high in May. “Canada has been outperforming other markets this year but not so this week. Energy is seeing a lot of profit-taking and as bond yields pull back we could see a bounce in the oversold tech stocks into quarter end,” said Greg Taylor, chief investment officer of Purpose Investments.
Energy moves S&P/TSX composite higher while U.S. rebounds from worst week since 2020
TORONTO — A rising energy sector supported Canada's main stock index in a continued recovery from last week's brutal performance while U.S. stock markets returned from a holiday to bounce back even stronger after their worst week since the pandemic. Pierre Cléroux, chief economist for the Business Development Bank of Canada, said the improvement started Monday with positive moves in Europe that U.S. markets were unable to take advantage of because they were closed for Juneteenth.
S&P/TSX composite up more than 150 points in late-morning trading
TORONTO — Gains in the energy and telecommunications sectors helped lead Canada's main stock index to a gain of more than 150 points in late-morning trading. The S&P/TSX composite index was up 160.36 points at 19,090.84. U.S. stock markets are closed for the Juneteenth holiday. The Canadian dollar traded for 76.95 cents US compared with 76.72 cents US on Friday.
S&P/TSX composite partially recovers from steep losses last week in broad-based rally
TORONTO - A broad-based rally allowed Canada’s main stock index to partially recover from last week’s big fall, the worst in more than two years, in light trading as U.S. markets were closed. Colin Cieszynski, chief market strategist at SIA Wealth Management, said many sectors were up nicely to start the trading week, which is not unusual when the Toronto market is open and U.S. stock markets are closed.
S&P/TSX composite swings wildly to close its worst week in more than two years
TORONTO — A rare sizable decline in crude oil prices overwhelmed a tech bounce to push Canada's main stock index lower, ending a brutal week that saw it plunge 6.6 per cent in its worst performance in more than two years. Crude oil prices dropped more than six per cent Friday to fall to a four-week low on recession concerns and a strong U.S. dollar. The August crude contract was down US$7.26 at US$107.99 per barrel and the July natural gas contract was down 52 cents at US$6.94 per mmBTU.
Freeland touts previously announced measures to combat inflation
Article content “I think that’s the right place for us to be and I’d like Canadians to know that that’s a decision our government took in the budget.” Although she didn’t mention him by name, Freeland appeared to take a shot at Conservative leadership contender Pierre Poilievre, who has threatened to fire Bank of Canada governor Tiff Macklem if elected prime minister.
Freeland leaves the door open to further action to address economic volatility
TORONTO — The federal government is prepared to take further action to address more severe economic volatility, but Finance Minister Chrystia Freeland wouldn't say if a hard landing for Canada's housing market would be the trigger for such moves. Freeland told reporters Thursday that achieving a soft landing is going to be challenging, but Canada has a better shot at it than other countries.
Freeland leaves the door open to further action to address economic volatility
TORONTO — The federal government is prepared to take further action to address further economic volatility, but Finance Minister Chrystia Freeland wouldn't say if a hard landing for Canada's housing market would be the trigger for such moves. Freeland told reporters Thursday that achieving a soft landing is going to be challenging, but Canada has a better shot at it than other countries.
Freeland touts previously announced measures to combat hot inflation
TORONTO – Amid stubbornly hot inflation and rising interest rates, Finance Minister Chrystia Freeland detailed financial commitments to “help make life more affordable for millions of Canadians” – but the measures were all previously announced. Freeland delivered a keynote address about the state of the Canadian economy at the Empire Club of Canada in downtown Toronto Thursday afternoon.
Freeland touts previously announced measures to combat hot inflation
Article content “Rather, they re-announce policies that won’t take effect until the fall, as Canadians are left to suffer throughout the summer.” Freeland insisted the government’s fiscal approach makes sense but agreed that it’s fair to talk about reducing fiscal stimulus. She said Canada is tied with the U.S. in conducting the fastest pace of fiscal consolidation in the G7.
Freeland leaves the door open to further action to address economic volatility
TORONTO - The federal government is prepared to take further action to address more severe economic volatility, but Finance Minister Chrystia Freeland wouldn’t say if a hard landing for Canada’s housing market would be the trigger for such moves. Freeland told reporters Thursday that achieving a soft landing is going to be challenging, but Canada has a better shot at it than other countries.
Freeland leaves the door open to further action to address economic volatility
TORONTO - The federal government is prepared to take further action to address more severe economic volatility, but Finance Minister Chrystia Freeland wouldn’t say if a hard landing for Canada’s housing market would be the trigger for such moves. Freeland told reporters Thursday that achieving a soft landing is going to be challenging, but Canada has a better shot at it than other countries.
North American stock markets climb after Fed adopts largest rate hike since 1994
TORONTO - North American stock markets broke multi-day losing streaks after the U.S. Federal Reserve adopted the largest interest rate increase since 1994 and vowed to remain aggressive in tackling soaring inflation. Markets softened until about 2:30 p.m. when Fed chairman Jerome Powell explained the decision to hike its rate by three quarters of a percentage point and hinted at additional sizable increases to come.
S&P/TSX composite falls more into correction ahead of expected large U.S. rate hike
TORONTO — Canada's main stock index moved further into correction territory Tuesday amid growing expectations that the U.S. Federal Reserve is on the cusp of announcing its largest interest rate hike in nearly three decades. Mackenzie Investments' chief economist Todd Mattina says markets are almost pricing in a 99 per cent probability of a 75 basis-point increase Wednesday, something that hasn't been done since November 1994.
Canadian markets in correction territory after suffering second worst day of 2022 | Globalnews.ca
By Ross Marowits The Canadian Press 2:54 Global News Morning Market and Business Report – June 13, 2022 Canada’s main stock index moved into correction territory to start the trading week as hot U.S. inflation accelerated worries of a supercharged interest rate hike this week that could help push the U.S. economy into recession.
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