{"id":43597,"date":"2022-06-13T18:49:28","date_gmt":"2022-06-13T23:49:28","guid":{"rendered":"https:\/\/prefblog.com\/?p=43597"},"modified":"2022-06-13T18:49:28","modified_gmt":"2022-06-13T23:49:28","slug":"june-13-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43597","title":{"rendered":"June 13, 2022"},"content":{"rendered":"
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TXPR closed at 631.54<\/a>, down 2.00% on the day. Volume today was 1.30-million, below the median of the past 21 trading days.<\/p>\n

CPD closed at 12.55<\/a>, down 1.34% on the day. Volume was 55,120, near the median of the past 21 trading days.<\/p>\n

ZPR closed at 10.51<\/a> down 1.22% on the day. Volume of 230,470 was above the median of the past 21 trading days.<\/p>\n

Five-year Canada yields were rocketted up to 3.54%<\/a> today. Geez, it seems like only last Friday that I was using 3.36% to prepare the number for PrefLetter<\/a> and reflecting on what a whopping great big number that was. Wait a minute … it was last Friday. Never mind.<\/p>\n

It wasn’t a good day in Canada<\/a>:<\/p>\n

Money markets see about a 75% chance that the Bank of Canada would raise interest rates by three-quarters of a percentage point next month, which would be the biggest hike since August 1998, and expect rates to peak at about 3.9% next year.<\/p>\n

Just two weeks ago, investors expected a so-called terminal rate of 3%.
\n…<\/b>
\nBut the energy sector gave back some recent gains on Monday and fell 3.1%, while the materials group, which includes precious and base metal miners and fertilizer companies, tumbled 4.8% as gold and copper prices fell.<\/p>\n

Technology shares, which are particularly sensitive to higher rates, lost 3.6%, with shares of cloud-based commerce platform company Lightspeed Commerce Inc down 14.4%.
\n…<\/b>
\nAn index of world stocks dropped 3.7%.<\/p>\n

As speculation simmers that the Fed could hike interest rates by 75 basis points at its June 14-15 policy meeting this week, markets ratcheted up expectations that U.S. rates would peak at around 4% next year, up an eye-watering 100 basis points from less than two weeks ago.<\/p>\n

Investors are trying to predict where benchmark policy rates could peak in the United States and other major economies, as that would help determine equity valuations and how much further share prices could fall.<\/p>\n

European shares tumbled 2.4% to their lowest in more than three months, and the euro STOXX volatility index – an equivalent in Europe of the U.S. VIX index, also known as Wall Street\u2019s fear gauge – surged to a one-month high. The U.S. Vix index also leapt to its highest in over a month.<\/p><\/blockquote>\n

… and in the States<\/a>:<\/p>\n

On Monday, the S&P fell 3.9 percent, closing the day nearly 22 percent below its Jan. 3 peak and firmly in a bear market \u2014 a rare and grim marker of investors\u2019 growing concerns for the economy.<\/p>\n

A crucial report on Friday showed inflation in the United States was accelerating and creeping into every corner of the economy. Earlier last week, the World Bank issued a dire warning that global growth may be choked, especially as the war in Ukraine drags on.<\/p>\n

Together, the data undercut optimism that the Federal Reserve, as it raises interest rates, would be able to keep price gains under control without damaging the American economy and sending ripples throughout the globe.<\/p>\n

Monday\u2019s trading ended with reports that the Fed is likely to discuss making its biggest interest-rate increase since 1994 when policymakers meet this week.<\/p><\/blockquote>\n

Meanwhile, Manulife Bank took a survey about the real economy<\/a>:<\/p>\n

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