Gains in energy stocks helped buoy Canada's main stock index Tuesday, while U.S. markets also rose, as investors in both countries await big economic news Wednesday.
Trading on Tuesday was the calm before the storm, with markets ticking upwards ahead of inflation data to be released in the U.S. and a central bank meeting in Canada, said Anish Chopra, managing director with Portfolio Management Corp.
The S&P/TSX composite index was up 56.11 points at 19,878.56.
In New York, the Dow Jones industrial average was up 317.02 points at 34,261.42. The S&P 500 index was up 29.73 points at 4,439.26,while the Nasdaq composite was up 75.22 points at 13,760.70.
Wednesday will see the latest inflation print in the U.S., ahead of the Federal Reserve's next interest rate decision later in July.
鈥淚t's another data point for them to think about before their meeting,鈥 said Chopra.
Economists expect inflation will have continued to moderate, but it's not the only thing the central bank is looking at as it weighs where to take rates next.
With data showing the labour market is still strong, a rate hike in July is likely regardless of what the inflation release shows, said Chopra. But it's what comes after July that's less certain, he said.
鈥淭he Fed's really concerned about the fact that inflation could get embedded in the economy, especially as it relates to wages.鈥
On the other side of the border, the Bank of Canada is widely expected to announce another rate hike Wednesday, said Chopra.
Canada's in a similar boat to its U.S. neighbours, he said, with a robust job market despite inflation moderating in certain areas.
Oil put on another strong showing Tuesday, hovering near US$75 a barrel.
鈥淚f you look at some of the demand forecasts, they're just showing higher potential for future demand in oil,鈥 said Chopra.
That's despite the ongoing weakness in China's economy, he said, noting that recent supply cuts are helping prop up the price of crude.
The August crude contract was up US$1.84 at US$74.83 per barrel and the August natural gas contract was up six cents at US$2.73 per mmBTU.
The Canadian dollar traded for 75.41 cents US compared with 75.28 cents US on Monday.
The August gold contract was up US$6.10 at US$1,936.00 an ounce and the September copper contract was down two cents at US$3.77 a pound.
This report by The Canadian Press was first published July 11, 2023.
A Canadian man who is trapped in Lebanon with his family says they are anxiously waiting for seats on a flight out of the country, as a barrage of Israeli airstrikes continues.
A 21-year-old Yazidi woman has been rescued from Gaza where she had been held captive by Hamas for years after being trafficked by ISIS.
Parts of icy Antarctica are turning green with plant life at an alarming rate as the region is gripped by extreme heat events, according to new research, sparking concerns about the changing landscape on this vast continent.
A 21-year-old man who was charged with attempted murder in the shooting of a Toronto police officer this week was out on bail at the time of the alleged offence, court documents obtained by 愛污传媒 Toronto show.
Nearly 30 years after a six-year-old girl disappeared in Western Arkansas, authorities have identified a suspect in her abduction through DNA evidence.
Prosecutors have charged a Michigan man with killing and dismembering a janitor he met on the dating app Grindr.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
Armed men belonging to the Gran Grif gang killed at least 70 people, including three infants, as they swept through a Haitian town shooting automatic rifles at residents, a spokesperson for the United Nations' Human Rights Office said on Friday.
At least two people are dead and others are injured after a fire ripped through a century-old building near Montreal's City Hall, sources told Noovo Info.
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
More than half of the 205 firearms lost by the Royal Canadian Mounted Police since 2020 have been recovered, but two machine guns remain missing.
Armed men belonging to the Gran Grif gang killed at least 70 people, including three infants, as they swept through a Haitian town shooting automatic rifles at residents, a spokesperson for the United Nations' Human Rights Office said on Friday.
Iran鈥檚 supreme leader on Friday praised the country鈥檚 recent missile strike on Israel and said it was ready to do it again if necessary, state TV reported.
The U.S. and British militaries struck more than a dozen Houthi targets in Yemen on Friday, going after weapons systems, bases and other equipment belonging to the Iranian-backed rebels, U.S. officials confirmed.
Prosecutors have charged a Michigan man with killing and dismembering a janitor he met on the dating app Grindr.
UN peacekeepers are staying in their positions on Lebanon鈥檚 southern border despite Israel鈥檚 request to vacate some areas before it launched its ground operation against Hezbollah militants, the UN peacekeeping chief said Thursday.
An Israeli airstrike on a West Bank cafe that the military said targeted Palestinian militants also killed a family of four, including two young children, relatives told The Associated Press on Friday.
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Prime Minister Justin Trudeau is set to announce funding to support French-speaking African countries and initiatives to promote the French language in the Francophonie.
Defence Minister Bill Blair says Israel has the right to defend itself in 'a calibrated and proportional way' following Iran鈥檚 ballistic missile attack against Israel on Tuesday.
When an Ontario doctor refused to sign off on a mammogram for 38-year-old Sidra Lone, the mother of four says she was left with no choice but to lie.
Staff at Saskatoon's Royal University Hospital are calling for systemic changes just two days after its emergency room was more than three times above its capacity.
An Ontario child has died after coming in contact with a rabid bat, a health official confirmed on Wednesday.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
A hacking group tied to Russian intelligence tried to worm its way into the systems of dozens of western think tanks, journalists and former military and intelligence officials, Microsoft and U.S. authorities said Thursday.
The jury tasked with determining if Canadian musician Jacob Hoggard sexually assaulted a young woman in northeastern Ontario eight years ago began deliberating Friday after nearly two weeks of testimony that saw the singer and his accuser give starkly different accounts of what happened.
Legendary singer Paul Simon has said he is 'optimistic' about being able to return to performing live after losing most of his hearing in his left ear.
A painting discovered by a junk dealer in the basement of an Italian villa six decades ago is actually the work of Pablo Picasso and could sell for millions, according to experts.
Canada's airlines have failed in their challenge of air passenger protection rules that the federal government implemented in 2019.
The Competition Bureau says it's obtained a court order as part of an investigation into potential anti-competitive conduct by the Canadian Real Estate Association.
The Vatican Bank has fired two employees whose recent wedding violates a newly-introduced ban on marriages between staff.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn鈥檛 a direct result of a major port strike Tuesday. It鈥檚 because of panic buying.
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
Caitlin Clark has been named the WNBA Rookie of the Year in a near-unanimous vote, giving the Indiana Fever back-to-back winners after Aliyah Boston won the honour last season.
Days after being suspended by FIFA, Argentina goalkeeper Emiliano Martinez produced heroics in front of the watching Prince William as Aston Villa sealed another famous win against Bayern Munich.
The claim to Shohei Ohtani's potentially lucrative 50th home run ball grew more complicated this week, with a second fan filing a lawsuit asserting he had possession of the historic baseball.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
NDP Leader David Eby is vowing to raise British Columbia's speculation and vacancy tax on empty homes if re-elected premier this month.
One day after a man was stabbed to death in East Vancouver, a 27-year-old woman has been charged with murder.
A Vancouver tenant is at war with his former landlord over what he calls an exorbitant charge for bent blinds.
A 21-year-old man who was charged with attempted murder in the shooting of a Toronto police officer this week was out on bail at the time of the alleged offence, court documents obtained by 愛污传媒 Toronto show.
Police forces in the Toronto area have stepped up their presence in Jewish and Muslim communities as the one-year anniversary of the deadly Oct. 7 terror attack on Israel inches closer.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man鈥檚 drink has been removed from the platform, the food delivery company has confirmed.
Martha Hart, the widow of Calgary wrestler Owen Hart, is speaking out after the release of Netflix's 'Mr. McMahon' documentary series, which she says inaccurately portrays her husband's death as an accident.
Authorities say two Calgarians were arrested and charged in "a complex scheme" involving stolen vehicles.
An annual ceremony is bringing together the families and friends of missing and murdered Indigenous people in hopes of raising awareness about the issue.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
The O-Train will be out of service all day on Saturday and for two additional hours on Sunday as part of work to integrate the Stage 2 East extension with the existing LRT line.
There was a decrease in the amount of waste heading to the City of Ottawa's landfill in the two months leading up to the city's new three-item garbage limit.
At least two people are dead and others are injured after a fire ripped through a century-old building near Montreal's City Hall, sources told Noovo Info.
Classes and campus activities at CEGEP de Valleyfield were cancelled Friday morning as a result of a police operation.
Public transport users who regularly use Fabre, d'Iberville and Saint-Michel stations on the Montreal metro's blue line will have to be patient, as the emergency closure of the three stations announced on Thursday evening could stretch out over 'a few days, or even a few weeks.'
Following the Alberta government鈥檚 recent announcement of capital funding to build charter and independent schools, the Investigative Journalism Foundation has found that several consultants with ties to the United Conservative Party (UCP) have been lobbying on behalf of charter schools and associated organizations over the past year.
Artificial intelligence has for three years now served as a kind of gut check for Alberta Wildfire staff making decisions about how to allocate resources.
The return of the Canadian Finals Rodeo to Edmonton is expected to exceed economic projections.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
A 31-year-old man is facing theft and break-in charges in connection to a vandalism incident at the Fredericton Public Library that caused tens of thousands of dollars of damages over the weekend.
The Opposition Tories introduced a motion to get the justice system to take another look at the case of Jordyn Reimer.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
Winnipeg Comiccon will feature a pair of hobbits who helped bring the One Ring to Mount Doom.
RCMP say fraudsters are continuing to ask for gas money before selling fake gold jewelry to people around Saskatchewan.
Saskatchewan Party Leader Scott Moe says if re-elected, his government would introduce a Saskatchewan Home Renovation Tax Credit aimed at making renovations more affordable.
As pressure grows on the oil and gas sector to reduce its emissions, one Calgary-based company is banking on the potential to convert waste gas from oil wells into valuable electricity for nearby communities.
Waterloo Regional Police have laid charges after a car crashed into the side of a Kitchener home at 3:30 a.m.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man鈥檚 drink has been removed from the platform, the food delivery company has confirmed.
Two serious crashes shut down Highway 401 early Friday morning in Puslinch, Ont.
Saskatoon police arrested a homeless person at the scene of an encampment underneath the University Bridge on Friday morning.
The mayor of Loon Lake is appealing to both provincial and federal government leaders for assistance in dealing with rising crime in the village, which has seen an increase in vandalism, theft, and property damage.
As pressure grows on the oil and gas sector to reduce its emissions, one Calgary-based company is banking on the potential to convert waste gas from oil wells into valuable electricity for nearby communities.
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
A motorcyclist is left with serious, life-altering injuries after a crash on Highway 11 in northern Ontario on Wednesday morning.
Two more Elliot Lake teens have been charged in connection to the break-in at the local arena last week and are accused of causing more than $50,000 in damage.
The suspect was believed to be in New Brunswick following a LPS investigation. On September 27, a 30-year-old was arrested by Saint John Police and returned to London.
A ceremony was held inside the Wolseley Barracks on Friday, honouring the family of Officer Cadet Brett Cameron who died by suicide at the Royal Military College in Kingston, Ont. in 2016.
According to police, officers responded to the 600 block of Tennent Avenue for a, "report of a possible stabbing" around 9 p.m. on Thursday.
The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.
A Midland woman is facing several charges after police say she bit an officer while being arrested for an alleged armed confrontation.
A 62-year-old man has been charged after police received a report about an employee stealing over $60,000 worth of materials from a Huntsville business.
A London, Ont. man, who pleaded guilty earlier this year in a harassment case, has been sentenced to two months in jail for criminal harassment of a Windsor, Ont. family.
The Windsor Police Service (WPS) are looking for a witness to a collision between a pedestrian and vehicle in September.
Brian Masse, Windsor-West鈥檚 Member of Parliament (MP), stood before the House of Commons on Friday, criticizing the eased hazardous material restrictions at the Ambassador Bridge.
NDP Leader David Eby is vowing to raise British Columbia's speculation and vacancy tax on empty homes if re-elected premier this month.
Politicians are continuing to promote their promises across British Columbia as the provincial election campaign nears its midway point.
One person is dead after a floatplane carrying three people crashed Wednesday evening in a remote inlet on British Columbia's central coast.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.
The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.
Archie's Exotic Pet Rescue has been open about six years and, like many other animal rescues, it has seen a surge in surrenders.
It鈥檚 almost deadline day for Lethbridge residents interested in becoming members of one of the city鈥檚 boards, commissions and committees (BCCs).
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
A suspect who accused Thunder Bay police of being responsible for his throat injury actually hurt himself when he swallowed a large amount of drugs.
An outfitter in Kenora, Ont., and two individuals have been fined a total of $9,500 for bear hunting offences, including abandoning a bear they shot and using it as bait to hunt another bear.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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