Category: Companies

– Swiss National Bank hikes rates 50 bps says banking crisis over.

– Bank of England expected to raise rates by 25 bps due to hot inflation.

– US dollar extends post FOMC losses overnight.

USDCAD snapshot open 1.3673-78, overnight range 1.3676-1.3733, close 1.3731, WTI $70.13, Gold $1978.35

The Canadian dollar got a lift from broad-based US dollar selling in the wake of yesterday’s FOMC monetary policy decision.

The FOMC raised its benchmark overnight rate by 25 bps to 5.0% and tweaked the language in the statement.

Traders reacted like it was a “dovish hike” after the statement removed the reference to “ongoing hikes” and replaced it with “some additional policy firming.” The tweak implies that policymakers are very close to ending the current rate hike cycle and traders are betting on rate cuts later in the year.

However, the Summary of Economic Projections dot-plot outlook indicates rates will remain … Read more

– FOMC meeting could lead to market volatility.

– UK inflation surged in February.

– US dollar trading defensively, CAD underperforms.

USDCAD snapshot open 1.3700-04, overnight range 1.3697-1.3717, close 1.3713, WTI $69.13, Gold $1944.69

The Canadian dollar drifted aimless in a quiet overnight session as traders patiently await today’s FOMC decision.

There is a lot of anticipation around the Fed meeting with traders and analysts waiting to see how Chair Jerome Powell and his colleagues balance their inflation fight against the back drop of US banking uncertainty.

The immediate banking crisis has passed. The government prevented depositors from losing any money when Silicon Valley Bank (SVB) collapsed and pushed USD banking giants to come up with a plan to stave of the collapse of First Republic Bank (FRB).

However, there are over 4,800 commercial banks in the US, and it is rather likely that the other banks suffered the same … Read more

Canada’s benchmark stock index extended gains for a second-straight session on Tuesday to its highest in a week, helped by gains in energy and financial shares, after data showed consumer inflation in February had eased more than expected.

The TSX leaped 135.49 points, to adjourn Tuesday’s session at 19,654.92.

The Canadian dollar slid 0.24 to 72.91 cents U.S.

Cannabis issues provided the spark Tuesday, as Tilray surged 29 cents, or 8.6%, to $3.66, while Canopy Growth gained 20 cents, or 7.9%, to $2.72.

In energy concerns, Precision Drilling skyrocketed $5.97, or 9.5%, to $68.79, while Crescent Point Energy climbed 65 cents, or 7.9%, to $8.84.

Tech issues excelled as well, with HUT 8 Mining acquiring 23 cents, or 9.1%, to $2.75, while Lightspeed Commerce traveled $1.12, or 5.6%, higher, to $21.13.

Gold, however, faded in luster, as Eldorado Gold backpedaled 63 cents, or 4.6%, to $13.09, while Iamgold lost 14 … Read more

Stocks closed higher on Monday as traders grew hopeful that a crisis in the banking sector may be easing. The gains followed a forced takeover of Credit Suisse by UBS engineered by the Swiss government.

The Dow Jones Industrials popped 382.60 points, or 1.2%, to 32,244.58.

The S&P 500 advanced 34.93 points to 3,951.57.

The NASDAQ Composite gained 45.03 points to 11,675.34.

Regional banks rose on Monday, rebounding from big losses in the past week as the group was forced to shore up their deposit bases in the wake of the collapse of Silicon Valley Bank. Wall Street expects more actions may be needed to restore confidence in the banking system after U.S. regulators backstopped SVB’s uninsured deposits and offered new funding for troubled banks one week ago.

PacWest, First Citizens and Fifth Third Bancorp led the gains. The ETF rose 5% at one point during the trading session, but … Read more

Stocks fell Friday as investors pulled back from positions in First Republic and other bank shares amid lingering concerns over the state of the U.S. banking sector.

The Dow Jones Industrials forfeited 388.13 points, or 1.2%, to 31,858.42.

The S&P 500 dropped 43.6 points, or 1.1%, to 3,916.68.

The NASDAQ Composite gave up 86.76 points to 11,630.51.

First Republic slid 33% to end the week down 71%. The stock got a boost Thursday when a group of banks said it would aid First Republic with $30 billion in deposits as a sign of confidence in the banking system.

U.S.-listed shares of Credit Suisse were also down 8% as traders parsed through the bank’s announcement that it would borrow up to 50 billion francs, or nearly $54 billion, from the Swiss National Bank.

Despite the down session, the S&P 500 has advanced 1.2% so far this week, while the NASDAQ Composite … Read more