Do you think “five things you need to know about Beyonce” would be a good pitch for someone applying for the Beyonce reporter job at USA Today? Asking for a friend.The TSX could get a boost today from rising energy prices. Oil has hit US$90 per barrel for the first time since November and natural gas prices are rallying. While oil is up more than 30 per cent from the June lows, TSX energy stocks have been slow to capture the gains with the sector up only about 12 per cent.
Rising oil prices are going to feed into inflation and we saw that clearly in yesterday’s U.S. inflation numbers and in today’s U.S. producer price number. Prices paid to U.S. producers increased in August by the most in more than a year, boosted by rising energy and transportation costs, according to Bloomberg. How will the Federal Reserve respond? U.S. retail sales out this morning show the consumer remains resilient. And then there is the ECB. The European Central Bank raised rates for the 10th consecutive time in what is believed to be the last attempt to choke inflation.
Comparable sales excluding fuel grew more than four per cent but that is well below the pace of headline food inflation. Same-store sales growth was the strongest in nine quarters, according to Scotia, aided by higher-than-expected fuel contributions. Margins did expand, however, but the company is chalking that up to “efficiency initiatives”. Of course, these grocers are on high alert and wouldn’t want to appear that they are benefiting from higher food inflation by charging more.
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The Daily Chase: Earnings from Roots; When will oil demand peak?Here are five things you need to know this morning.
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