Equity market futures are pointing to a modestly higher open after yesterday’s rout sent stocks swooning. Investors are continuing to digest recessionary concerns and the potential for larger, faster rate hikes as inflation south of the border runs at levels not seen since Jimmy Carter was in the Oval Office. There were precious few places to hide during yesterday’s steep selloff – Toronto’s benchmark S&P/TSX Composite fell by the most since June 11, 2020, while the tech-heavy Nasdaq Composite Index dropped to its lowest level since Nov. 2020. Of note – the TSX is now just 5.9 per cent above its pre-pandemic peak after the latest round of selling.


Oil prices are paring their losses. At last check, West Texas Intermediate was back above US$118 per barrel – but it’s been an ugly week for crude overall. WTI is heading for its first weekly decline since April amid those recessionary fears, and the potential for a rising U.S. dollar to take a bite out of commodities priced in greenbacks. All that said, oil is still up more than 50 per cent this year as the Russian invasion of Ukraine stokes fears of supply disruptions, and you’ll remember the IEA said just this week that global demand will exceed pre-pandemic levels next year.


Bausch Health Cos. is putting plans to list its skin-care unit on ice in the wake of the tepid response to its initial public offering of another division. The company – formerly known as Valeant Pharmaceuticals – says it is suspending its plans for an IPO of its Solta Medical division “in light of challenging market conditions and other factors.” That comes after the May spinoff of the company’s Bausch + Lomb Corp. eye-care business, which was priced below the marketed range, subsequently lost 20 per cent of its value since the IPO.


  • The Japanese Yen is extending its losses, hitting a 24-year low against the U.S. dollar after BOJ Governor Kuroda stuck to his guns and kept interest rates at rock-bottom levels.
  • Elon Musk has laid out his view of a Twitter under his ownership, reportedly telling workers at an all-hands meeting the social media platform should allow “pretty outrageous” tweets so long as they don’t violate the law.
  • MEG Energy has a new CFO, hiring Ryan Kubik away from Heritage Royalty. Those with long(ish) memories may recall Kubik’s role as CEO of Canadian Oil Sands during its sale to Suncor.
  • The World Cup tournament is coming to Toronto and Vancouver in 2026, with the two cities selected among the 16 hosting venues. Edmonton’s bid to host games was snubbed by the selection committee.
  • Speaking of major sporting events, Formula 1 is back in Canada this weekend for the first time since before the pandemic. The race – featuring a pair of Canadians in Lance Stroll and Nicholas Latifi – is a boon for Montreal’s economy, with a report from Tourisme Montréal estimating the event adds some $63.2 million to the region’s GDP.


  • Notable data: Industrial Product and Raw Materials Price Indices, International Securities Transactions, US leading Indicators