Global-News

01/16/2023

Canada's main stock index rose for a seventh consecutive session on Monday, lifted by energy, financial and technology stocks, while traders looked ahead to a week packed with key economic data including consumer price inflation.

By 10:05 a.m. ET (1505 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 38.76 points, or 0.19%, at 20,398.86 - a six-week high.

Canada's annual inflation rate eased to 6.8% in November as gasoline prices rose more slowly. Investors will focus on December inflation data due on Tuesday, with economists polled by Reuters forecasting a 6.4% rise on an annual basis.

"We're going to have the CPI report, so that'll be crucial, giving us an indication how the fight against inflation is going," said Allan Small, senior investment advisor at Allan Small Financial Group.

Across the border, U.S markets were closed for the Martin Luther King Day holiday, contributing to low trade volumes.

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01/16/2023

Among the 6 biggest deal dispatches this past week, Microsoft is reportedly in talks to invest billions in ChatGPT owner OpenAI. Here’s the full list, as covered in real time on InvestingPro. Sign up to get this news first.

Microsoft in talks to take big stake in OpenAI: report
Microsoft (NASDAQ:MSFT) is said to be in discussions to invest up to $10 billion in OpenAI, the creator of the ChatGPT platform, according to a report by Semafor. The funding round will also include other venture capital firms, and values OpenAI at around $29 billion.

As part of the deal, Microsoft will reportedly take in 75% of OpenAI's profits until the initial investment is recouped. After that point, Microsoft will hold a 49% stake in OpenAI, while other investors will also hold a 49% stake, and OpenAI's nonprofit parent will hold a 2% stake.

The report comes amid speculation that Microsoft is planning to incorporate OpenAI’s technology into its Office and email software products. According to previous reports, Microsoft had invested around $1 billion in cash and cloud credits into OpenAI in 2019, and has been considering increasing its investment in the company.

01/16/2023

Canadian and US Markets Calendar: What to watch in the week ahead
Monday, January 16

In Canadian Economics: Manufacturing Sales & Orders, Existing Home Sales, MLS Home Price Index, Q4 BoC Business Outlook Survey and Survey of Consumer Expectations
U.S. Markets closed for Martin Luther King Jr. Day
Tuesday, January 17

In Canadian Economics: Housing Starts, Consumer Price Index, International Securities Transactions
In the US: No major economic data
US Earnings: Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), United Airlines (NASDAQ:UAL).
Wednesday, January 18

In Canadian Economics: Industrial Product and Raw Materials Price Indices
In the US: Retail Sales, Producer Price Index, Industrial Production and Capacity Utilization, NAHB Housing Index, Beige Book
US Earnings: Charles Schwab (NYSE:SCHW), Alcoa (NYSE:AA), Kinder Morgan (NYSE:KMI)
Thursday, January 19

In Canadian Economics: Wholesale Trade
In the US: Initial Jobless Claims, Housing Starts & Building Permits, Philadelphia Fed Index
US Earnings: Procter & Gamble, Netflix (NASDAQ:NFLX)
Friday, January 20

In Canadian Economics: Retail Sales,
In the U.S: Existing Home Sales
US Earnings: Schlumberger (NYSE:SLB)
Canadian Markets Calendar: What to Watch this Week