Strength in energy stocks helped lead the way higher for Canada's main stock index Friday, while markets in the U.S. were muted.
The S&P/TSX composite index closed up 122.70 points at 20,175.77.
In New York, the Dow Jones industrial average was up 1.81 points at 34,947.28. The S&P 500 index was up 5.78 points at 4,514.02, while the Nasdaq composite was up 11.81 points at 14,125.48.
It was the third straight week of gains for markets, with November shaping up to be much more positive than recent months. Economic data in Canada and the U.S. have continued to soften, indicating that higher interest rates are working and solidifying investors' hopes that no more hikes will be needed.
"As economic data weakens, to a point, it's good for markets, because it kind of takes central banks off the table as far as raising rates, of course, but also that we might get some relief from, actually, rate cuts as we go into 2024," said Michael Greenberg, senior vice-president and portfolio manager at Franklin Templeton Investment Solutions.
There was more of a belief among investors even just a month or so ago that further rate hikes, or at least higher rates for longer, would be necessary, he said.
"Then we saw some of the data turn and obviously markets rebounded quite quickly," he said. "Now we're at a point where that sort of soft landing is starting to get priced in."
In the U.S, expectations for a soft landing have increased since earlier in the year, said Greenberg, though it's still not a guarantee.
In Canada, however, there's a little more to worry about, he added.
"Just given, you know, our backdrop of higher debt levels, or variable-rate loans ... we might have a little bit more interest rate sensitivity to our market," said Greenberg. That makes skirting a recession more of a likelihood south of the border, he said.
But so far, investors are pricing in around three interest rate cuts over the next 12 months in both Canada and the U.S., said Greenberg, though he thinks the probability in Canada is higher for the same reason.
Over the short term, if signs continue to point to a gradual weakening of the economy, investors will continue to take that as good news, he said. But as the months wear on, the narrative could change.
"I think as we move into next year ... if we continue to see economic data weaken because of the lagged effect of rate hikes, you know, that might pose a bit more of a challenge for risky assets," he said, causing some more volatility over the next couple of quarters.
The Canadian dollar traded for 72.88 cents US compared with 72.73 cents US on Thursday.
The January crude contract was up US$2.95 at US$76.04 per barrel and the December natural gas contract was down 10 cents at US$2.96 per mmBTU.
The December gold contract was down US$2.60 at US$1,984.70 an ounce and the December copper contract was up four cents at US$3.74 a pound.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
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Twenty-seven year Â鶹ӰÊÓ reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I’m grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A new study is adding to emerging research showing that exposure to metals such as cadmium, uranium and copper may also be associated with the leading cause of death worldwide, cardiovascular disease.
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The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).
Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
Sheba, a 50-year-old seal at the Cornish Seal Sanctuary in southwest England, has far surpassed the average lifespan for seals and could be the oldest in captivity in the world.
The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
A new study is adding to emerging research showing that exposure to metals such as cadmium, uranium and copper may also be associated with the leading cause of death worldwide, cardiovascular disease.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Kathryn Crosby, who appeared in such movies as 'The 7th Voyage of Sinbad', 'Anatomy of a Murder,' and 'Operation Mad Ball' before marrying famed singer and Oscar-winning actor Bing Crosby, has died. She was 90.fff
'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The death of the Tragically Hip’s lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
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The maker of the popular party game Cards Against Humanity is accusing Elon Musk's SpaceX of trespassing on and damaging a plot of vacant land the company owns in Texas.
The Canadian Food Inspection Agency says a recall of Nutrabolics brand Feed Me Vegan Real Food Protein & Oats bars due to undeclared milk has been expanded.
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Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.
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General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
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An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
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A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
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A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.
Volunteers and staff members gathered along Vancouver’s Stanley Park Seawall Saturday to pick up litter as part of International Coastal Cleanup Day.
A heritage home in Vancouver suffered "extensive damage" in a fire that broke out late Saturday morning, according to firefighters.
Toronto police are investigating a shooting in Scarborough that left one person injured Saturday night.
A pedestrian was struck by a vehicle involved in a collision in Scarborough Saturday evening, Toronto police said.
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Milla White from Cochrane literally drew her way into a meeting with former boxer and actor Mickey Rourke.
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The Edmonton Police Service is looking for a person of interest in connection with a suspicious fire that destroyed a multi-unit building and damaged several townhomes earlier this week.
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Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.
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The St. Thomas police is asking the public for help locating a missing man.
The Barrie Skateboard Association (BSA) hosted a unique competition at the City's Skate Park on Saturday to celebrate its 25th anniversary, which showcased the park's importance and the growth of skateboarding in the region.
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The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
A LaSalle high school is celebrating its emerald anniversary this weekend, with everyone who has ever walked its halls invited to return.
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A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.
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A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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