CIBC World Markets News
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The Canadian dollar declined for a third day versus its U.S. peer as the Federal Reserve starts a two-day meeting that may provide information about when the central bank will start to reduce bond purchases.
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Empire Co. surged 11 percent to a record high as investors bet the C$5.8 billion ($5.7 billion) purchase of Safeway Inc.’s Canadian stores by its Sobeys Inc. grocery unit will boost revenue and add to earnings as it expands west.
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Treasuries were little changed, holding yesterday’s biggest gain in almost a week, before the U.S. sells $21 billion of 10-year notes today and $13 billion of 30-year bonds tomorrow.
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On a patch of barren savannah in eastern Colombia, a settlement called Oasis has sprung to life in five years. Hundreds of oil workers and truck drivers relax on a February evening in some 40 hotels, bars, eateries and brothels made mostly of corrugated metal sheets.
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Treasuries were little changed, following a six-week decline, before Federal Reserve Bank of St. Louis President James Bullard speaks today as policy makers debate whether to reduce the central bank’s stimulus program.
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Treasuries fell, pushing 30-year bond yields to the highest in more than a year, after Standard & Poor’s boosted its outlook for the U.S. to stable from negative, adding to bets the Federal Reserve may slow monetary stimulus.
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Canadian housing starts rose at their fastest pace in more than a year in May on a surge in condominium construction, Ottawa-based Canada Mortgage & Housing Corp. said on its website today.
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Treasuries dropped for a sixth straight week, the longest stretch of losses in four years, as U.S. payrolls swelled while the jobless rate rose, keeping alive bets the Federal Reserve will cut back on monetary stimulus.
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Canada’s dollar gained for a second day against its U.S. peer after the economy added the most jobs in more than a decade in May and the unemployment rate declined.
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Bank of Canada Governor Stephen Poloz used his first public comments to reiterate Mark Carney’s view that the central bank’s policy rate will rise as the economy grows and declined to give “running commentary” on whether the nation’s currency is overvalued.
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