Here are five things you need to know this morning
Consumer spending rises to start the year: Canadian consumers continued to spend more in the first two months of this year. New data from Statistics Canada shows retail sales rose 1.1 per cent in January, led by a two per cent increase at motor vehicles and parts dealers. An advance estimate for February shows continued momentum, with sales up 0.9 per cent. The data precede the Iran war, which has sent oil prices soaring. Canadian consumers, already grappling with tariff uncertainty and a weakened job market, may hold off on discretionary spending as prices at the pump surge.
FedEx delivers: FedEx shares traded higher in the pre-market. The shipping company raised its full-year profit outlook, signaling its confidence in the global economy, despite ongoing geopolitical turmoil. Still, the company is warning that rising energy prices and volatility tied to the middle east conflict are weighing on broader economic conditions like higher energy prices and volatile shipping patterns.
Meta reverses course on VR: In a reversal from Meta, the company is keeping its Horizon Worlds VR platform alive after backlash from users. The platform was set to be shut down on its Quest headsets, but Meta now says existing games will remain available “for the foreseeable future.” Still, it’s a partial retreat from CEO Mark Zuckerberg’s Metaverse push, as the company shifts more focus toward mobile where most user activity is already happening.
“Quadruple threat” approach to investing: Finding great stocks often means looking at more than one signal. BNN Bloomberg contributor Jon Erlichman spoke with First Avenue Investment Counsel CIO Brian Madden about his “quadruple threat” approach to investing and eight stocks that check four key boxes: fundamentals, technicals, quantitative signals, and macro themes. You can find his story at BNNBloomberg.ca.
How to avoid paying taxes on investment gains: Also on BNNBloomberg.ca: If you’re a typical Canadian investor being forced to pay tax on your investment gains, there’s probably a way to avoid it altogether. Dale Jackson explains.
