Here are five things you need to know this morning.
I’ve got three Michaels on the mind right now . Famed fund manager Michael Burry is making news putting on another big short. He is betting against the S&P 500 and the NASDAQ 100. Michael Burry rose to prominence after Michael Lewis wrote a book about this lone maverick – a genius - whose warnings about the U.S. housing market went unheeded. Michael Lewis also wrote a book about another maverick, footballer Michael Oher.
Headline inflation reaccelerated to 3.3 per cent, up from the previous month’s reading of 2.8 per cent. Core numbers moderated but are still sitting around 3.7 per cent – above the Bank of Canada’s comfort zone. Speaking of the Bank of Canada, the central bank’s series of interest rate increases contributed to the rise in headline inflation. Mortgage interest contributed the most to headline growth. When you exclude the growth in mortgage interest, headline inflation would be 2.4 per cent.
While profit was cut in half from a year ago due to lower oil prices, the actual results came in slightly ahead of expectations. Suncor delayed their results because of a cybersecurity breach in June but the company said it did not materially affect company’s financial results. This was the first full quarter for new CEO Rich Kruger and he is reorganizing the company to his liking.
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