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Today’s top stories
9:30 a.m.
Stock markets are open: Fed’s hawkish stance weighing down equities
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North American stocks retreated, while U.S. Treasury yields rose alongside the U.S. dollar after the latest reading on jobless claims just reinforced the case for the United States Federal Reserve’s higher-for-longer stance.
The S&P 500 dropped below 4,400 and the Nasdaq 100 lost about one per cent.
The S&P/TSX composite index fell 195.63 points to 20,019.07 in early trading.
9:18 a.m.
Rupert Murdoch steps down as chairman of News Corp, Fox
His son Lachlan Murdoch will become sole chairman of News Corp. and continue as executive chair and chief executive of Fox, the company said in a statement Thursday.
“On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” Lachlan Murdoch said.
— Bloomberg
7:45 a.m.
Bank of England holds interest rates
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The decision will raise hopes among Britain’s hard-pressed mortgage borrowers that rate rises are now over.
U.K. stocks erased losses, defying a broader selloff in Europe, after the decision.
The move softens the blow to the region’s equities after the United States Federal Reserve’s hawkish message on monetary policy hit risk sentiment.
— The Telegraph, Bloomberg
7:30 a.m.
Alberta set to release report on ditching CPP for its own pension plan
United Conservative Premier Danielle Smith, along with Finance Minister Nate Horner and panel chair Jim Dinning, are to release the report at a news conference in Calgary on Sept. 21.
The Opposition NDP says it has received leaked details of what is coming and says Albertans should prepare for some financial flim-flam on the potential benefits.
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NDP finance critic Shannon Phillips says the report relies on an outdated financial withdrawal formula dating back to the CPP’s creation in the mid 1960s.
“The report is expected to claim Alberta is owed hundreds of billions of dollars from the fund,” Phillips said in a statement Tuesday.
“However, if every province used this formula, it would total nine times what is currently invested in the CPP.”
The Opposition NDP has accused Smith of playing politics with nest egg savings, by using an Alberta pension plan to create a wedge issue with the federal government.
The NDP said the idea is offside with public sentiment, given opinion polls suggest ditching CPP is deeply unpopular with Albertans.
— The Canadian Press
Stock markets: Before the opening bell
World shares declined, echoing a slump on Wall Street after the United States Federal Reserve said it may not cut interest rates next year by as much as it earlier thought.
Benchmarks fell by one per cent or more in Paris, Tokyo, Sydney and Hong Kong. U.S. futures slipped and oil prices also were lower.
What to watch today
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The Alberta government will release a report on whether it should leave the Canada Pension Plan. The report lands at 11 a.m., Calgary time.
The Bank of England delivers its latest interest rate decision.
New housing price index data is coming at 8:30 a.m. from Statistics Canada. In the U.S., initial jobless claims and August existing home sales data will be released.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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