2024-01-11 22:41:00
(Illustration: Camille Charbonneau)
Canada’s main stock index fell slightly on Thursday, weighed down by the financial and utilities sectors, while U.S. stock markets were mixed but mostly flat following the latest U.S. inflation report. .
Headline inflation was higher than expected in December, reaching 3.4% year-on-year, compared to 3.1% in November.
American markets fell before regaining lost ground throughout the followingnoon.
Despite the acceleration in headline inflation, there was no sell-off in stocks or a sharper rise in yields as underlying inflation remained relatively stable, said Macan Nia, co-strategist Chief Investment Officer at Manulife Investment Management.
Excluding food and fuel prices, inflation in December was closer to economists’ expectations at 3.9%, the slowest annual pace since May 2021.
With food and energy prices tending to be volatile, the US Federal Reserve and investors are looking more at underlying prices to get a better idea of inflation, Nia said.
Investors still expect the overall inflation trend to continue to weaken throughout the year, he said, and they welcome Thursday’s report.
Besides inflation figures, consumer confidence will be a key indicator for investors to watch in 2024, Nia said.
“The consumer, to the surprise of many, was very resilient last year,” he said.
On Friday, the earnings season for the fourth quarter of 2023 in the United States will begin with the publication of results from the major banks. These reports will help provide insight into the consumer’s situation.
Mr Nia said banks’ loan loss provisions would be of particular interest, as well as the profile of products such as car loans and credit cards.
“What we will pay very close attention to is the consumer’s credit profile and seeing what they do,” he stressed.
Here are the winners and losers for January 11, 2024:
The S&P/TSX index of the TSE
Price Change in Canadian dollars Change in %
Winners
Organigram Holdings (OGI)
2,30
0,41
21,693
Aritzia (ATZ) 32.01 5.55 20.975 GURU Organic Energy (GURU) 2.50 0.27 12.108 Uranium Royalty (URC.WT) 1.71 0.15 9.615 TerrAscend (TSND) 2.39 0.16 7.175
Losers
Bitfarms (BTF)
3,47
-0,57
-14,109
Medexus Pharmaceuticals (MDP)
2,43
-0,25
-9,328
Long (LGO) 3.20
-0,30
-8,571
Only titles worth more than $1 are considered in the Winner/Loser ranking.
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