Top News Updates and Market Trends: Stay Informed with the Latest Stories

2023-10-04 16:26:45

Published at 08:23, updated at 08:45

(Illustration: Camille Charbonneau)

THE ESSENTIAL NEWS

• Kevin McCarthy ousted by Republicans from the U.S. House of Representatives in historic vote. A handful of Republicans in the U.S. House of Representatives ousted Republican Speaker Kevin McCarthy on Tuesday, with party bickering plunging Congress into new chaos just days after narrowly averting a government shutdown.

• Fed officials view high long-term rates as “complicated,” but not yet a threat. Federal Reserve officials call rising yields on long-term U.S. Treasury debt proof that their monetary tightening policy is working, but for now at least they say it’s not ringing bells. alarm for the economy.

• Toronto housing prices rebound in September; sales at their lowest in eight months. Housing prices in the Greater Toronto Area rose in September for the first time in four months as the Bank of Canada halted its interest rate hike campaign, but the level of sales fell to its lowest level since January.

• Exxon Mobil sells its majority stake in Italian LNG terminal to BlackRock. Exxon Mobil Corp has chosen BlackRock as a potential buyer of its majority stake in Italy’s main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement.

• Meta will lay off employees from its “metaverse silicon” unit on Wednesday. The company announced today that it will implement an information and communication management system (MIS) for the management of its human resources.

TRENDS BEFORE OPENING

The persistent decline in government bond markets is driving higher Treasury yields around the world, dampening the risk appetite of stocks. Reflecting the feeling of Wall Streetfutures contracts on the main Canadian stock index increase slightly. THE European stocks are trading upwards, while Asian stocks closed lower, the Nikkei falling to its lowest level in four months. Weak demand weighs on prices of oilalthough Saudi Arabia and Russia confirmed that voluntary production cuts would be maintained until the end of the year. L’or remains close to its lowest level in seven months, while the palladium reached its lowest level since the end of 2018.