Statistics Canada says investment in residential construction declined for the first time in nine months in June, as gains in the non-residential sector helped push overall construction investment up 0.3% to $20.8 billion.
The S&P/TSX Composite Index is on a roll. Yesterday’s gains put it within nine points of closing at or above 20,000 for the first time since early June (to borrow from Amber Kanwar: attention round-number enthusiasts).
We’ve been wondering how major Canadian retail companies would fare after Walmart and a long list of other U.S. retailers got walloped in recent weeks amid warnings about inflationary pressures and inventory woes, among other headaches.
Slowing U.S. inflation is prompting traders to pare bets for a 75-basis-point increase in interest rates from the Bank of Canada next month.
U.S. inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve to continue aggressively hiking interest rates.
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