The Daily Chase: What do you think BoC will do?; Home Capital reinstates dividend
BNN Bloomberg
Who’s side are you on in prognosticating the Bank of Canada’s rate-hike plans?
Who’s side are you on in prognosticating the Bank of Canada’s rate-hike plans? 1) The market data which, as of 5:25 a.m. today, was showing investors are pricing in the equivalent of seven quarter-point moves this year, which would take the main policy rate to 2.0 per cent from today’s 0.25 per cent. 2) David Rosenberg, the famed economist and strategist, who told us yesterday afternoon the central bank would be “playing with fire” if it tightens more than three times. 3) Bank of Canada Deputy Governor Timothy Lane, who said in a speech mere minutes after we wrapped up with Rosenberg that the bank is prepared to be “forceful” to address whatever situation arises.
This is the most consequential issue facing Canada’s economy, and we’ll keep chasing informed perspective leading up to the rate decision next month, when traders seem to think liftoff is a slam dunk.
ANOTHER CHAPTER IN HOME CAPITAL’S TURNAROUND
The alternative mortgage lender that was pushed to the brink in 2017 by the onslaught of a regulatory probe, a run on its deposits, and a short seller, is about to reward investors that have stayed by its side and those who bought into the recovery. Home Capital Group said this morning its board approved a 15-cent dividend that will be paid out at the end of next month. That’ll be the first dividend from the company in more than half a decade. Suffice to say, there’ll be plenty to discuss with CEO Yousry Bissada when he joins us this afternoon. On top of the dividend, there’s also quarterly results that included an uptick in mortgage originations.
POST-MORTEM ON SHOPIFY ROUT
Our Bloomberg Television partner Emily Chang tried to pin down Harley Finkelstein on yesterday's wipeout, but the company's president talked right around the market reaction. Instead, he focused on double-digit growth last year, a growing merchant base that's he's convinced is "going to do very well," and spoke confidently about the company's evolving fulfillment strategy. I see at least one analyst who covers the stock (at Roth Capital Partners) downgraded his recommendation to neutral this morning.
Every year, billions of dollars in tax credits and benefits go unclaimed in Canada. Here are five commonly missed tax
A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
Every year, billions of dollars in tax credits and benefits go unclaimed in Canada. Here are five commonly missed tax
Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
St. Patrick’s Day will test restaurant bar sales as Canadians drink less, with declining consumption and shifting habits weighing on industry revenues.
New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.
Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.