TORONTO - The Canadian dollar weakened against its U.S. counterpart on Wednesday as concern that central banks could leave interest rates at elevated levels longer than previously thought raised demand for the safe-haven greenback.
"Equities are off their highs, and rates in general are creeping up again, so concerns are resurfacing over the higher for longer theme and central banks not cutting as much as thought."U.S. government bond yields pushed to a near four-week peak, lifting their global counterparts and pressuring stocks, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.
The data could provide clues on the timing of expected Bank of Canada interest rate cuts. The swaps market sees a 60% chance the BoC begins an easing campaign at a policy decision next Wednesday. Companies that split their stock see an average annual return of 25% after the split compared to a 12% return for the broader market.
The flagship ARKK ETF is holding onto three stocks that are down more than 90% since Cathie Wood's initial purchase.TORONTO — Fitch Ratings Inc. says it has downgraded its outlook on TD Bank Group to negative from stable because of the potential fallout from anti-money laundering deficiencies at the bank.