TSX could 'disappear' without more domestic investment from Canadian pensions: Letko
BNN Bloomberg
A veteran wealth management executive says that unless Canada’s largest pension plans start investing more domestically, institutions like the Toronto Stock Exchange could one day fall by the wayside.
Peter Letko, co-founder and partner at investment management firm Letko Brosseau, told BNN Bloomberg that Canada’s economic and financial health is being impacted by the low level of investment from Canadian pension funds.
“I don't think this is good for our economy. It's certainly not good for our financial markets,” he said in a Friday morning television interview.
“Do we want to see a great institution that has served us well like the TSX and other exchanges in Canada just disappear or wind into the Nasdaq or the New York Stock Exchange? I think it's important that we control our capital and direct our capital to the benefit of Canadians as a whole.”
Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Bank of Canada holds rate at 2.25 per cent as growth weakens and oil-driven inflation risks rise amid geopolitical uncertainty.
U.S. stocks are sinking Wednesday after a discouraging report said inflation was primed to worsen, even before the war with Iran sent oil prices spiking.
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.
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U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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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.