The Daily Chase: Enbridge CEO succession; Oil rallies on hope for OPEC+ cut
BNN Bloomberg
The price of West Texas Intermediate crude spiked as much as 4.8 per cent this morning on hope for a big production cut when OPEC+ meets in Vienna this week.
CREDIT SUISSE TURMOIL
This is easily the most uncomfortable story that’s percolating. Credit Suisse shares sank to an all-time low this morning in a set of circumstances that, for some, are evoking memories of 2008-2009. Its chief executive has been attempting to assuage fears about its capital levels, while acknowledging the bank is at a “critical moment.” Beyond its collapsing share price, market apprehension is also evident in the pricing of credit default swaps. The big question right now might be whether Credit Suisse can afford to wait until Oct. 27 to present its restructuring plan.
U.K. CHANCELLOR BACKTRACKS
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
Top Picks from Greg Newman, Senior Wealth Advisor & Portfolio Manager, Newman Group, ScotiaMcLeod
Dan Tobon outlines key market wildcards, including geopolitical risks, AI disruption and shifting investor sentiment.