WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The United States House of Representatives voted on Wednesday to approve a bill which would avert a potential rail strike. The measure was approved by a vote of 290-137 and will then move on to the U.S. Senate. If approved there, President Joe Biden would sign it into law. The bill would bind rail unions to a proposed settlement that was reached in September, but was rejected by four of 12 unions. The unions have threatened to strike if a deal hadn’t been made by Dec. 9.
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– In a speech on Wednesday to the Brookings Institution in Washington, D.C., U.S. Federal Reserve chair Jerome Powell indicated that interest-rate increases to combat inflation would slow down in December. However, he also said that borrowing costs would still need to rise. Many analysts are predicting that the Fed will raise its key interest rate by 50 basis points when it meets on Dec. 13 and 14.
– Canadian Imperial Bank of Commerce (CIBC) reported on Thursday a fourth-quarter profit of C$1.19 billion, lower than the C$1.44 billion reported last year. However, revenue totalled C$5.39 billion for the quarter compared with C$5.06 billion a year ago and its quarterly dividend to shareholders increased by two cents to 85 cents. Bank of Montreal’s (BMO) profit fell 33 per cent to C$357 million in the fourth quarter. However, net income more than doubled to C$4.48 billion.
