In 2022, public transit use in Metro Vancouver nearly as much as pre-pandemic levels, TransLink data shows - CBC.ca

Ridership numbers on public transport in Metro Vancouver increased to almost 80 per cent of pre-pandemic levels near the end of 2022, data shows.

Statistics from TransLink, the region's transit authority, show that 193.6 million trips were made across the system last year, a 48 per cent increase over 2021.

The increase came as most public health measures restricting transit were dropped at the start of 2022. Ridership across the country went down sharply in the two years prior, amid the height of the COVID-19 pandemic.

Dan Mountain, a spokesperson for the authority, said TransLink was seeing riders return at rates higher than most other transit authorities in North America.

Data from TransLink shows that ridership increased to almost 80 per cent of pre-pandemic levels in 2022. (TransLink)

"We had the fifth-most boardings of any metropolitan area throughout all of Canada and the U.S., despite having the 24th-largest population," he told CBC News. "We're leading so many different major transit agencies throughout North America, because I think transit is so integral to Metro Vancouver's way of life."

The data, from TransLink's annual service performance review, shows much of the ridership recovery was driven by the southeast and eastern sections of Metro Vancouver — which includes Surrey, Langley, White Rock, Maple Ridge and Pitt Meadows.

A map showing the ridership recovery by the sub-regions of Metro Vancouver. The southeast and eastern sub-regions showed the highest rate of recovery. (TransLink)

Mountain says some parts of the region have seen ridership levels exceed pre-pandemic levels.

"Every quarter we modify our bus services to match where demand is going," he said. "We're [providing] 12 per cent higher bus service in Surrey and the surrounding areas since we were in pre-pandemic levels."

Overcrowding a concern

With the ridership rebound, overcrowding has again become a concern for many transit users, as viruses like COVID-19 are airborne and spread in confined areas.

TransLink data shows that over six per cent of buses in fall 2022 were overcrowded — defined as when the number of passengers exceeds the target capacity, and all seats are full for at least part of the trip.

Mountain acknowledged the issue is likely to become pronounced as more people return to taking transit, and said TransLink adding more RapidBuses to major routes was one way to alleviate the issue of crowding.

The RapidBuses — fast bus lines along major corridors introduced at the start of 2020 — have proven to be popular among transit riders. Three of the rapid transit routes were among the top 10 busiest routes in 2022.

"RapidBus services are becoming the backbone of the transit system," reads the review. "Most RapidBus routes are among the highest ridership routes in the sub-regions they serve."

Mountain said that the authority was planning to bring in bus rapid transit over the next 10 years, which would carry more passengers over the regular articulated buses, in addition to more bus routes based on demand.

A simultaneous review of the HandyDART service — which provides door-to-door transportation for disabled people and those who need mobility aids — showed ridership has increased to around 70 per cent of pre-pandemic levels.

"We will continue to invest in our system so residents have a world class, reliable and affordable public transit network they can depend on every single day," said TransLink CEO Kevin Quinn in a statement.

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2023-04-29 21:08:15Z
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Planned power outage in Durham Region to be delayed if Leafs game goes to overtime - CP24

As the Toronto Maple Leafs look to turn the lights off on the Tampa Bay Lightning’s NHL season, a planned power outage east of the city will be delayed if the playoff game runs late.

Earlier this week, Hydro One announced the planned Saturday night outage would affect as many as 17,000 customers in Durham Region between 11 p.m. and 7 a.m.

Customers in Bowmanville, Ont. and those to the west of the town are expected to be most affected, according to an outage map released by the power company.

However, since many of those residents will likely be tuned into Game 6 of the Leafs playoff series against the Bolts tonight, Hydro One has said it will delay the outage if the game goes into overtime.

“We know that Saturday night is an important night for Leafs Nation. In the unlikely event that the game goes into overtime and approaches 11 p.m., Hydro One will delay the start of the outage,” a company spokesperson said in an email.

The Leafs are up 3-2 in the best-of-seven series and could advance to the second round of the playoffs for the first time since 2004 with a win tonight.

Saturday night’s game starts at 7 p.m. and, if extra play is required, the eight-hour outage will follow and may run longer than 7 a.m.

The outage is the result of planned equipment replacement at Hydro One’s Wilson Transmission Station, allowing for an alternative backup power supply to Ontario Power Generation’s Darlington Nuclear Generating Station in Clarington, Ont.

Hydro One is encouraging customers to turn off all appliances ahead of the outage and to make sure cell phones are fully charged.

As well, residents should keep their refrigerator and freezer doors closed for as long as possible in order to avoid spoilage.

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2023-04-29 16:46:27Z
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Ottawa mum on hostile bid to take over Teck Resources after minister meets with company - CBC.ca

Canada's industry minister talked of the significance of Teck Resources Ltd. Friday while stopping short of a commitment to halt a hostile takeover of the company.

"Our message has been very clear that we like Teck as a Canadian company," said Francois-Philippe Champagne at a news conference in Montreal.

"But as you appreciate, as the regulator under the Investment Canada Act, that's as much as I can say for the time being."

His comments come after a tumultuous week that saw Teck Resources Ltd. pull its restructuring plan at the last hour while mining giant Glencore pursues a takeover bid.

Vancouver-based Teck cancelled a Wednesday shareholder vote on its plan to split into a metal and a coal company and said it is still opposed to any deal with Glencore, adding that it remains committed to its own plan to become two companies.

The plan to split the company was itself controversial in light of Teck's long history of environmental violations for polluting waterways with selenium, with environmentalists worried the spinoff is a way for the company to duck responsibility.

Teck Resources CEO Jonathan Price responds to questions from reporters after the company's cancellation of a shareholder vote on Wednesday. (Darryl Dyck/Canadian Press)

Opposition expresses concern over loss of mining assets

Glencore, meanwhile, said Thursday that it is still interested in discussing a deal with Teck's board of directors, but it is willing to take its takeover offer directly from the company's shareholders if necessary.

The failure of Teck's restructuring plan has kept the door open for Glencore's proposal, which has also created heightened political interest, including calls from the federal Conservatives for the government to block any attempt by the Swiss company to acquire Teck.

Kootenay‒Columbia MP Rob Morrison says he's concerned Canada will lose Teck's assets in the Kootenay region should Glencore's "hostile takeover" be successful.

"Whether it be critical mineral or metallurgical coal, in this case, the met [metallurgical] coal in Elk Valley is, in my mind, should be a critical mineral," Morrison told host Chris Walker on CBC's Daybreak South. "It uses the highest-grade coal that's used for steel."

"We want to control our destiny — by controlling our critical minerals in mining and controlling met coal, then we have an opportunity to do what we need to do to produce the products that we have to produce."

The Glencore headquarters in Baar, Switzerland. (The Associated Press)

On Monday, federal ministers wrote in a letter to the Greater Vancouver Board of Trade, saying Ottawa is watching the situation "very closely" and that "we need companies like Teck here in Canada."

A potential takeover by Glencore would be subject to both a net-benefit review and a national-security review by the federal government, and some observers have pointed out Glencore's pursuit of the Canadian company comes at the same time that the government has committed to a national critical minerals strategy as part of its overall climate plan.

The timing of any future Teck restructuring proposal remains unclear, as does Glencore's next move.

While much remains unknown, what does seem clear is that shareholders are benefiting from the competing plans as shares have been trading around all-time highs in the past two weeks.

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2023-04-29 02:24:00Z
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Fed says it failed to take forceful action on SVB - bbc.com

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The US central bank has said it failed to act with "sufficient force and urgency" in its oversight of Silicon Valley Bank, which collapsed last month in the country's biggest bank failure since 2008.

The conclusion is one of the main findings from the Federal Reserve's investigation of the episode.

It sparked global fears about the state of the banking industry.

The review comes as another US lender, First Republic, remains in trouble.

US regulators are reported to be working on a potential rescue for the struggling firm, which was the 14th largest bank in the US at the end of last year.

Michael Barr, the Federal Reserve's vice chair for supervision, who led the review, said the US central bank should toughen its rules in response to what it had learned from SVB's demise.

"Federal Reserve supervisors failed to take forceful enough action," he said, pointing to regulatory standards that were "too low", supervision that did not work with urgency, and risks to the wider system posed by troubles at a mid-size bank that Fed policies had missed.

"Following SVB's failure, we must strengthen the Federal Reserve's supervision and regulation," he said.

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The head of the Federal Reserve, chairman Jerome Powell, said he welcomed the "thorough and self-critical report".

"I agree with and support his recommendations to address our rules and supervisory practices, and I am confident they will lead to a stronger and more resilient banking system," he said.

The report from the Fed was one of three published by US officials on Friday, detailing regulatory lapses that contributed to the failures of SVB and Signature Bank last month.

Both banks catered to business customers and ran into trouble after the US central bank raised interest rates sharply last year which is when customers started to withdraw money.

SVB's subsequent announcement that it needed to raise funds last month prompted panic and billions of dollars were withdrawn overnight, forcing regulators to step in.

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The fears then spread to other firms, including Signature Bank and First Republic, which suffered $100bn in outflows last month.

Shares in First Republic, worth more than $120 apiece at the beginning of March, fell more than 40% on Friday to below $4, as questions swirled about its future.

"Uniquely vulnerable"

The Government Accountability Office said the banks were felled by a combination of risky strategies and weak risk management, while officials were slow to take action after uncovering problems.

The Federal Insurance Deposit Corp, which examined Signature, concluded the "root cause" of that bank's failure was "poor management", while acknowledging its own oversight was often "not timely".

The Fed's review said SVB was "uniquely vulnerable" to problems due to "widespread managerial weaknesses, a highly concentrated business model, and a reliance on uninsured deposits".

But it also faulted regulators for failing to appreciate the increased risks as the bank grew rapidly and for acting too slowly when it did spot issues.

The Fed's decision to take a looser approach to oversight of small and mid-size banks, a response to a law Congress passed in 2018, was a key part of the problem, according to the report.

"In the interviews for this report, staff repeatedly mentioned changes in expectations and practices, including pressure to reduce burden on firms, meet a higher burden of proof for a supervisory conclusion, and demonstrate due process when considering supervisory actions," it said.

"There was no formal or specific policy that required this, but staff felt a shift in culture and expectations from internal discussions and observed behaviour that changed how supervision was executed."

Mr Barr was appointed to his role by President Joe Biden in 2022. Many of the changes discussed in the report occurred under his predecessor, appointed by Donald Trump.

"Unflinching"

Response was divided in Washington.

Senator Elizabeth Warren, a Democrat known for her critical views of banks, called the Fed's report an "unflinching assessment" that should push Congress to revise its law and lead to the ouster of Fed chairman Jerome Powell.

Representative Patrick McHenry, the Republican who leads the House Financial Services Committee, said internal reports from the Fed and FDIC were "self-serving".

"While there are areas ... on which we agree the bulk of the report appears to be a justification of Democrats' long-held priorities," he said.

"Politicizing bank failures does not serve our economy, financial system, or the American people well," he said.

Related Topics

• US Federal Reserve
• Banking

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2023-04-28 20:04:21Z
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B.C. senior defrauded of $7.5 million in sophisticated cryptocurrency scam - Global News

It’s a potent reminder of just how persuasive, persistent and sophisticated scammers have become.

Burnaby RCMP issued a warning Thursday, after a local senior was defrauded out of more than $7.5 million in what police say is among the largest scams the detachment has ever investigated.

According to police, the scammers used a double-barrelled approach, targeting the victim with an initial cryptocurrency fraud — then returning to prey on the senior again by posing as someone who could help her get her money back.

0:36 Cops warn of crypto scam after Winnipegger loses $168,000

“Fraudsters are often changing tactics. In this case it appears they were able to tailor the scam to target this victim in particular using information about her career and business history to first build trust and friendship,” said Cpl. Philip Ho with Burnaby RCMP’s Economic Crime Unit in a media release.

“These scammers went to great lengths over many months to defraud this senior and convince her these were legitimate investments. These types of frauds often go unreported, but it’s important that victims come forward to police so we can investigate and help support victims, who are at a higher risk of being re-victimized once they have been defrauded by a scam.”

The scam began in spring 2022, when the fraudsters reached out to the victim claiming to be seeking information about her personal business history.

Over the next several months, the scammers built trust with the victim, chatting in Mandarin frequently by phone, text and email.

2:05 Nova Scotia warns of crypto scams causing ‘unrecoverable’ losses

Eventually, the scammers were able to convince the victim to invest millions of dollars through multiple deposits into a cryptocurrency wallet via an online trading app.

Police said the victim was able to check what she thought was the balance of her account, through apps the scammers had sent to her.

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The apps, police said, were actually fake and designed to mirror the appearance of legitimate cryptocurrency trading platforms.

Eventually, the victim tried to take money out of the accounts, but was unable to withdraw it.

That’s when the scammers cut off communication.

1:57 What you need to know before investing in cryptocurrency

She was later contacted by a person using a different name, who claimed they could help her recover her money.

The scammers pressured and threatened her to invest more money as a part of the recovery process — in what ultimately turned out to be yet another fraud.

Police said the investigation into the fraud remains open, but are using the incident to illustrate the growing frequency and complexity fraud operations.

Mounties are warning the public to be wary of these common signs of cryptocurrency scams:

• An unusually high return of investments in a short amount of a time
• Suspects messaging victims at all times of the day taking interest in their personal life
• Suspects providing victims with excuses to use when going to the bank to withdraw money
• No formal investment contract or information relating to the product you will be purchasing

You can find out more about how to protect yourself from online fraud at the Canadian Anti-Fraud Centre

More on Crime

&copy 2023 Global News, a division of Corus Entertainment Inc.

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2023-04-28 02:58:34Z
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Burnaby senior loses $7.5 million in elaborate cryptocurrency scam, police say - CBC.ca

A Burnaby, B.C., senior lost more than $7.5 million through an elaborate, long-term cryptocurrency scam, according to police.

Mounties say a woman contacted them in December saying she had been the victim of fraud. She told police she received a text written in Chinese last spring by someone asking about her personal business history. 

Over the span of several months, the fraudster worked to gain her trust, communicating with her by phone, text, email, and a chat app. 

The fraudster convinced the victim to invest millions in cryptocurrency using an online trading app.

The victim was able to check the balance of her investments through apps that mimicked legitimate cryptocurrency trading platforms.

She later found she was unable to withdraw money, and the person she was in contact with disappeared. 

The victim was then contacted by another person who offered to help her get her money back. 

"The victim, who was pressured and threatened throughout the course of the scam, invested more, but unfortunately, this was also a scam," RCMP said. 

Burnaby RCMP say it is one of the largest personal scams the detachment has ever seen. 

Cpl. Philip Ho with Burnaby RCMP's Economic Crime Unit said they are sharing details of the case in an effort to prevent other people from falling victim to similar scams.

"Fraudsters are often changing tactics," Ho said in a statement. "In this case, it appears they were able to tailor the scam to target this victim in particular using information about her career and business history to first build trust and friendship."

RCMP said they continue to investigate, and they are working with partners, such as the Canadian Anti-Fraud Centre, to look into the "digital footprint" of the transaction.

The centre offers several tips on how to avoid falling prey to scams and fraud. 

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2023-04-28 00:32:00Z
1983923462

B.C. senior scammed out of more than $7.5 million - Burnaby Now

Burnaby Mounties are issuing a warning after a local senior was defrauded out of millions of dollars in an "elaborate" long-term cryptocurrency scam. 

Police say a woman contacted them in December of last year, saying she had been scammed out of a large amount of money. 

The victim told police she had received a text message in Mandarin in the spring of 2022 from a person who had contacted them for information involving the victim's personal business history. 

Police say the scam escalated over several months, with the scammer creating a "friendly relationship" with the victim and communicating in Mandarin by phone, text, email and through a chat app.

"After gaining the victim’s trust, the fraudster then convinced the victim to invest millions of dollars through several transactions into a cryptocurrency wallet through an online trading app," a news release said. 

"While the victim was later able to check the balance of her investments online, it appears this was done through spoofed apps mirroring the look of legitimate cryptocurrency trading platforms." 

Download links to the apps were sent directly from the scammers to the victim. 

Once the victim tried to withdraw money, they discovered they weren't able to. Police add the person she had been talking with disappeared. 

The victim was then allegedly contacted by someone using a different name, saying they could help her get her money back.

RCMP say the victim, who was allegedly pressured and threatened throughout the scam, invested more money, but it was also a scam. 

"We are sharing this story to protect other people from falling victim to similar scams," Burnaby RCMP Cpl. Philip Ho said in the release. 

"Fraudsters are often changing tactics. In this case, it appears they were able to tailor the scam to target this victim in particular using information about her career and business history to first build trust and friendship.

"These scammers went to great lengths over many months to defraud this senior and convince her these were legitimate investments. These types of frauds often go unreported, but it’s important that victims come forward to police so we can investigate and help support victims, who are at a higher risk of being re-victimized once they have been defrauded by a scam." 

Burnaby RCMP is reminding the public to be aware of the following warning signs that are seen in cryptocurrency frauds: 

• An unusual high return on investments in a short amount of time
• Suspects messaging victims at all times of the day, taking interest in their personal life
• Suspects providing victims with excuses to use when going to the bank to take out money
• No formal investment contract or information relating to the product being purchased

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2023-04-27 23:20:00Z
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CMHC forecasts 32-per-cent drop in new home construction due to inflation, labour shortages - The Globe and Mail

Builders work on the roof of a home in a new subdivision in the Ottawa suburb of Kanata, on July 30, 2021.Justin Tang/The Canadian Press

Canada’s housing agency predicts that home building could plunge 32 per cent this year, calling it an “alarming” situation given the dearth of affordable places to live in the country.

The rising cost of building materials, a shortage of construction workers and higher interest rates mean housing starts could drop 19 per cent year-over-year under the current conditions, Canada Mortgage and Housing Corp. said in its annual housing market outlook, released Thursday. But if inflation persists and interest rates remain high for longer than expected, housing starts could drop as much as 32 per cent to 176,890 units, the agency said.

Residential building costs are up almost 20 per cent over the past year, according to Statistics Canada.

CMHC chief economist Bob Dugan called the decline “alarming” and said the climate is “inhospitable” for new construction. He said a “call to arms” is needed to boost home building and warned that affordability will continue to worsen if the country’s housing stock does not increase.

“We need a much higher level of starts if we want affordability to improve,” Mr. Dugan said on a call with reporters to discuss the outlook. He said housing starts have to double from 2021′s record level, when ground was broken on 271,198 new units.

But real estate experts have said it will be difficult to boost home building given the multitude of other infrastructure projects sucking up experienced tradespeople.

And with the spectre of higher interest rates still present, builders are wary of breaking ground on rental apartment buildings because the profit margins are so thin.

“In principle, we would not start a purpose-built rental apartment project with a backdrop of interest rates in an upward trajectory and until inflation is steadied,” said Clemens Sels, the president of Colonia Treuhand Ltd. Group, which has been developing real estate in Southern Ontario for 50 years.

In the meantime, competition for housing will continue to increase as the federal government boosts immigration targets to a record 1.45 million new permanent residents over the next three years. That has kept home prices from falling further after the Bank of Canada hiked interest rates to slow inflation.

The national average home price was $686,371 last month. That’s 14 per cent below March of last year but almost $75,000, or 12 per cent, higher than this January, according to the latest data from the Canadian Real Estate Association.

CMHC expects the average price for the year to be about 9 per cent lower than the 2022 average, although the agency predicts that prices will bottom out over the next two months. Home prices have already started to climb in the Toronto region, as well as in Chilliwack, B.C., and other markets that saw the greatest price increases when borrowing costs were near zero. Realtors have reported that bidding wars are back amid a shortage of homes for sale.

CMHC said the economy could dip into a mild recession this year and predicted that the central bank will start cutting its key interest rate early next year. As mortgage costs fall, it forecasts that home prices, along with the volume of sales, will rise over 2024 and 2025.

Higher borrowing costs have priced some would-be buyers out of the market, forcing them to continue renting. That has reduced the number of rental units available and contributed to rising rental rates. CMHC predicts that trend will continue for most of the country’s major cities, including Victoria, Vancouver, Edmonton, Calgary, Regina, Toronto, Ottawa and Montreal.

“Rental market conditions are expected to further tighten, placing significant upward pressure on rents,” the outlook said.

In Toronto, the country’s largest city and job market, the average monthly rent for an apartment built after 2005 topped $3,000 in March, a record high, according to Urbanation Inc. research.

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2023-04-27 16:45:41Z
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Population boom proves wild card in Bank of Canada rate decision - Financial Post

Surging immigration could be making the labour market look tighter than it actually is

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Commuters jam subway cars in Toronto. Canada added about one million new residents in 2022. Photo by Graeme Roy /THE CANADIAN PRESS

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The Bank of Canada‘s leaders spent “considerable time” discussing the country’s booming population during their latest policy deliberations, concluding that surging immigration could be making the labour market look tighter than it actually is.

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Governor Tiff Macklem and his deputies opted to leave the benchmark interest rate unchanged on April 12, but not before puzzling over Canada jobs data that show hiring had remained strong despite their best efforts to slow the economy with higher interest rates.

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The central bank’s models would have predicted a higher unemployment rate after a series of interest rate increases that rank among the most aggressive in the institution’s history. Instead, the jobless rate was hovering around five per cent, low by Canadian standards. The resilience could help smooth a path to a softer landing, but it could also be another wrench in the Bank of Canada’s plan to bring inflation back to target.

Policymakers flirted with raising the benchmark interest rate during their deliberations, according to the summary of those discussions, released April 26.

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One of the reasons they opted to leave rates unchanged was their conclusion that the rapid run-up in population — the country added about one million new residents in 2022 — was probably making the labour market look stronger than it was in reality.

The Bank of Canada needs to understand what’s going on because the population will balloon even more if Canada reaches its target of admitting 1.4 million immigrants into the country over the next three years. That would be good news for business owners who have been struggling for years to fill open positions, but it could also contribute to elevated price pressures if supply fails to keep up with demand.

“Governing Council members acknowledged that while this was helping to alleviate labour pressures, it added to demand as well as supply, given that newcomers to Canada are also consumers,” the summary said.

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Policymakers concluded that the rush of new workers could be masking the effect of higher borrowing costs on household spending. They noted that a growing population pushed up overall consumption, but consumption on a per capita basis had been weakening. Macklem and his deputies agreed that consumer spending would fall in the latter half of the year and would remain subdued next year after a series of aggressive rate hikes.

“In this context, the strong hiring numbers in the Labour Force Survey in recent months were perhaps not surprising,” the summary said. “With faster population growth, employment growth could be stronger than the historical trend without adding to labour market tightness.”

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While policymakers persuaded themselves that the economy was cooling, they nonetheless spent time discussing whether monetary policy would need to be “restrictive for longer” to get inflation back to the two per cent target. They were confused by market pricing that showed many investors anticipated rate cuts later this year, and they attempted to figure out what traders were seeing.

Central bankers determined that one rationale for rate cuts was that some investors anticipate a “severe economic contraction” that would force the Bank of Canada to reverse course. Another possibility could be that investors think inflation will ease back to normal, allowing monetary policy to adjust.

Policymakers see neither of those things happening. “Governing Council members agreed that while a risk of a sharper slowdown remains, based on their current outlook, cutting rates later this year did not seem to be the most likely scenario,” the summary said.

• Email: shughes@postmedia.com | Twitter:

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2023-04-27 13:07:43Z
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Gold prices treading water around $2000 an ounce as U.S. GPD grows 1.1% in Q1 - Kitco NEWS

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(Kitco News) - According to some economists, recession fears could increase following a disappointing start to 2023 following significantly weaker-than-expected first-quarter Gross Domestic Product.

Thursday, the U.S. Bureau of Economic Analysis said the advanced reading of first-quarter GDP shows the economy grew 1.1%, down from fourth-quarter growth of 2.6%. According to consensus estimates, economists were to see growth of around 2.3%.

"The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment," the report said.

However, the disappointing data is not having much impact on gold as the market appears to be treading water in neutral territory. June gold futures last traded at $2,003.10 an ounce, up 0.36% on the day.

"The disappointing 1.1% annualised rise in first-quarter GDP indicates that the economy had less forward momentum at the start of this year than previously thought. We continue to expect the drag from higher interest rates and tightening credit conditions to push the economy into a mild recession soon," said Andrew Hunter, deputy chief U.S. Economist, at Capital Economics.

Meanwhile, some economists are also dismissing the slow economic activity of the U.S. economy during the first three months of the year. Despite the disappointing headline number, the report noted that consumption remains robust.

Consumer spending increased 3.7% in the first quarter, up from 1.0% in the fourth quarter. At the same time, consumer spending on durable goods increased 16.9%, up from a 1.3% decline in the final three months of 2022.

The report also noted that trade data is also impacting GDP as imports rose 2.9% in Q1, up from a 4.4% decline in Q4. At the same time, exports increased 4.8%, up from the prior drop of 3.7%.

The report noted that growth was dragged down by the weak housing market and business investments. Both sectors have been significantly impacted by the Federal Reserve's aggressive tightening cycle.

While the economic data was disappointing, some commodity analysts have said that gold is unable to attract bullish momentum because inflation pressures remain persistently elevated. The report said that the GPD Price Index rose to 4.0%, up from 3.9% reported in the fourth quarter. Economists were looking for a small increase of 3.7%.

Of particular concern, core Personal Consumption Expenditures (PCE) rose 4.9%, up from the previous increase of 4.7%. Economists were looking for an increase of 4.4%. According to some economists, the rise in core inflation is an indication that higher consumer prices are becoming embedded in the broader economy.

The inflation data is adding to expectations that the Federal Reserve will raise interest rates one last time next week and could maintain the elevated level through the summer.

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2023-04-27 12:36:00Z
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Teck Resources scraps restructuring vote as it faces pressure from Glencore bid - Financial Times

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2023-04-26 20:22:38Z
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Stocks mixed after strong results from Microsoft, Google: Stock market news today - Yahoo Canada Finance

U.S. stocks closed mixed on Wednesday following strong quarterly results from Microsoft (MSFT) and Alphabet (GOOGL) that kicked off a big tech earnings bonanza this week. Investors were also hit with a fresh wave of concern about the health of regional banks.

The S&P 500 (^GSPC) closed down 0.39% as First Republic Bank’s (FRC) stock sank on Wednesday. The Dow Jones Industrial Average (^DJI) dipped 0.68%. The technology-heavy Nasdaq Composite (^IXIC) was up 0.47%, paring earlier gains after tech giants Microsoft and Alphabet both reported better-than-expected earnings and revenue for the most recent quarter after the close on Tuesday.

Government bonds were up. The yield on the 10-year note ticked up to 3.44%, while rate-sensitive two-year note yield rose slightly to 3.93%.

Microsoft rallied more than 7% after the software giant reported fiscal third-quarter earnings that surpassed estimates on Tuesday, indicating growing strength in its AI and cloud businesses. Microsoft earned $2.45 a share, on revenue of $52.9 billion, compared to a profit of $2.22 a share, on $49.4 billion for the same period a year ago.

Microsoft's potential acquisition of Activision Blizzard (ATVI), however, suffered a setback Wednesday morning, as UK regulators blocked the deal over competition fears. Activision stock was down about 12%.

Alphabet’s first-quarter earnings showed a 2% rise in search revenues, far below the corresponding quarters from the last two years. Meanwhile, installations of the Bing app have quadrupled after it was augmented by AI. Shares were down Wednesday afternoon.

Meta (META) earnings are up next after the bell on Wednesday, while Amazon (AMZN) reports Thursday.

Tech stocks have fueled the equities rally so far this year, but some analysts expect the sector could come under selling pressure as it loses steam. Investors remain concerned that expectations for earnings growth will be weaker, prompting some market strategists to anticipate a pullback that has so far not yet materialized.

FILE - The Microsoft logo is pictured outside the headquarters in Paris, Jan. 8, 2021. (AP Photo/Thibault Camus, File)

On the financial services front, PacWest Bancorp ​​(PACW) reported earnings after Tuesday's close that topped EPS estimates. Its stock ended Wednesday up 7%.

That wasn't enough to make up for the continued fallout from First Republic Bank’s (FRC) larger-than-expected drop in deposits when it reported earnings on Monday. The bank is considering asset sales, Bloomberg reported, following Silicon Valley Bank’s collapse and subsequent turmoil in the sector.

First Republic extended its rout and sank nearly 30% Wednesday following a CNBC report that said advisors shored up potential buyers of new stock as part of its rescue plan.

First Republic’s drastic move to the downside on Tuesday dragged down the KBW Regional Banking Index, which fell to its lowest level since November 2020.

Visa (V) reported earnings that beat top- and bottom-line expectations for its latest quarter on Tuesday that showed continued post-pandemic rebound in international travel.

Elsewhere, mortgage applications to purchase a home climbed for the second time over the past three weeks, signaling stabilization in the housing market, according to the Mortgage Bankers Association weekly survey. Other data out on Wednesday showed that US manufactured good orders got a bounce in March from new contracts for passenger planes, but business investment dropped again for the month.

Separately, Boeing (BA) missed Wall Street estimates once again for its first quarter. Boeing earned $1.27 a share on a revenue of $17.9 billion, compared to a profit of $2.75 on $14 billion in sales for the same period a year ago. Still, the stock ticked up Wednesday.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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2023-04-26 20:03:07Z
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