The Daily Chase: Stocks rally on Russia-Ukraine optimism; Blockade funding cut
BNN Bloomberg
It’s shaping up to be a snap-back session as investors, traders, and algorithms track the drip, drip, drip of news surrounding Russia-Ukraine tension.
It’s shaping up to be a snap-back session as investors, traders, and algorithms track the drip, drip, drip of news surrounding Russia-Ukraine tension. It looks like the excuse to buy this morning is confirmation from a Russian defense ministry official that the country is pulling back some troops. We’ll see how long the market optimism lasts and whether the S&P/TSX Composite Index participates in the rally, seeing as how West Texas Intermediate crude has been down more than three per cent this morning on the apparent easing of tensions.
CHOKING OFF BLOCKADE FUNDING
The federal government's unprecedented decision to invoke the Emergencies Act to quell protests/blockades/occupations was boiled down to a simple premise by Chrystia Freeland. "This is about following the money," the deputy prime minister and finance minister said late yesterday afternoon about forcing crowdfunding platforms to comply with basic FINTRAC requirements. On top of that, financial institutions have been handed the power to freeze or suspend accounts that are believed to be bankrolling blockades. And businesses whose trucks are being used in the blockade could lose insurance coverage and access to other financial services. We’ve reached out to Canada’s largest banks; none of them are talking. Neither is the Canadian Bankers Association.
TIM HORTONS EXTENDS HOT STREAK
The coffee and doughnut chain has delivered another quarter of sales growth for its parent company. Sales at stores that were open for at least a year in the fourth quarter jumped 10.3 per cent. That’s the third consecutive quarter of gains in the crucial sales metric, and could reinforce the view that Tims has turned a corner after being plagued by tension with franchisees, and then seeing its business ravaged by the pandemic. Overall, Restaurant Brands International beat profit expectations in the latest quarter, and its board authorized a one-cent boost to the quarterly dividend.
BRIDGING FINANCE UNITHOLDERS CALL OUT PWC
