WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– After five straight quarters of growth, Canada’s economy was unchanged for the fourth quarter of 2022, according to a report released on Tuesday by Statistics Canada (StatCan). Previously, StatCan estimated 1.6 per cent growth for the quarter. In December, the economy contracted by 0.1 per cent while StatCan estimates it will bounce back by 0.3 per cent in January. Household spending went up 0.5 per cent in the fourth quarter.
– Three Canadian banks released its 2022 fourth quarter earnings results on Tuesday. The Bank of Nova Scotia (Scotiabank) reported total revenue of C$7.98 billion, up from C$7.626 billion in the third quarter but down from C$8.049 billion during the same quarter last year. Net income dropped C$321 million from the third quarter to C$1.772 billion. Meanwhile, the Bank of Montreal (BMO) only reported C$247 million in Q4 net income compared to C$4.483 billion in the third quarter due to its acquisition of Bank of The West earlier this year. Laurentian Bank had C$51.9 million in net income for Q4, compared to C$55.7 million in Q3.
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– Elon Musk, CEO of Tesla and Twitter, regained his title as the world’s richest person according to Bloomberg on Monday. Due to a rally in Tesla stock, Musk’s net worth was US$187.1 billion, edging out LVMH CEO Bernard Arnault who is worth US$185.3 billion. Arnault overtook Musk as the world’s richest person last December. Musk was worth more than US$340 billion before purchasing Twitter last year.
