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  • US Equity Futures Tick Higher Before Earnings Test: Markets Wrap

    US Equity Futures Tick Higher Before Earnings Test: Markets Wrap

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    (Bloomberg) — US equity futures started the week on a note of optimism as investors looked ahead to corporate results for further vindication of soft economic landing bets.

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    Contracts on the S&P 500 ticked higher and those on the rates-sensitive Nasdaq 100 rose 0.3%, pointing to extended gains for a rally that propelled the index to a fresh record last week. Oil fell as traders bet that China’s stimulus will fall short of boosting consumption. Cash Treasuries trading is closed Monday for a US holiday.

    A newly accommodative Federal Reserve is providing fresh fodder for bulls — but they’re also fighting against lofty valuations. The S&P 500’s 20% gain through September has been its strongest performance for the first nine months of a year since 1997, according to National Bank of Canada economists including Stefane Marion. That’s pushed earnings-based valuations pushed to rich levels across industries.

    “It remains uncertain whether the market will finish the year as strongly as it began and whether this easing cycle will provide substantial momentum for equities,” the economists wrote in a note to clients. “The current easing cycle is unfolding in an environment of unusually high valuations.”

    Meanwhile, China’s main CSI 300 Index rose about 2% in volatile trading Monday, after capping its worst week since late July as Beijing’s latest efforts to jumpstart growth disappoint those seeking more details on incentives.

    Bitcoin climbed to the highest level in two weeks as investors took disappointment over China as good news for cryptocurrencies that may stand to benefit from China stock outflows.

    Despite promises of more support for the struggling property sector and hinting at greater government borrowing, a briefing by China’s Finance Minister Lan Fo’an on the weekend didn’t produce the headline dollar figure for fresh fiscal stimulus that the markets had sought.

    Corporate scorecards are the next test. Results from Citigroup Inc., Goldman Sachs Group Inc. and Bank of America Corp. are due Tuesday, where the banks will provide an early verdict on the impact of interest rate cuts on their bottom lines. JPMorgan Chase & Co., Wells Fargo & Co and Bank of New York Mellon Corp. all topped estimates Friday.

    In Europe, profits are anticipated to come in lower due to anemic economic growth and a stunted recovery in China, which is likely to drag down luxury goods makers like LVMH.

    In the premarket, MicroStrategy Inc. led gains in cryptocurrency-linked companies. Boeing Co. fell as the beleaguered planemaker plans to cut its global workforce by about 10% and announced $5 billion in charges. SentinelOne Inc. shares rose 4.2% as Piper Sandler upgraded the cybersecurity software company saying current estimates of its market share gains are too low.

    Key events this week:

    • China trade balance, Monday

    • India CPI, Monday

    • UK unemployment rate and average weekly earnings, Tuesday

    • Eurozone industrial production, Tuesday

    • Canada CPI, Tuesday

    • Goldman Sachs, Bank of America, Citigroup earnings, Tuesday

    • Republican presidential candidate Donald Trump will be interviewed by Bloomberg editor-in-chief John Micklethwait at the Economic Club of Chicago, Tuesday

    • New Zealand CPI, Wednesday

    • Thailand, Philippines and Indonesia central bank interest-rate decisions, Wednesday

    • UK CPI, PPI, RPI and house price index, Wednesday

    • ASML, Morgan Stanley earnings, Wednesday

    • Australia unemployment, Thursday

    • Eurozone CPI, ECB rate decision, Thursday

    • US retail sales, jobless claims, industrial production, business inventories, Thursday

    • TSMC, Netflix earnings, Thursday

    • Japan CPI, Friday

    • China GDP, retail sales, industrial production, home prices, Friday

    • UK retail sales, Friday

    Some of the main moves in markets:

    Stocks

    • S&P 500 futures rose 0.2% as of 8:15 a.m. New York time

    • Nasdaq 100 futures rose 0.3%

    • Futures on the Dow Jones Industrial Average fell 0.2%

    • The Stoxx Europe 600 was little changed

    • The MSCI World Index was little changed

    • Shanghai Shenzhen CSI 300 Index rose 1.9%

    Currencies

    • The Bloomberg Dollar Spot Index rose 0.3%

    • The euro fell 0.2% to $1.0914

    • The British pound fell 0.2% to $1.3044

    • The Japanese yen fell 0.4% to 149.74 per dollar

    Cryptocurrencies

    • Bitcoin rose 3.3% to $64,800.93

    • Ether rose 3.4% to $2,543.17

    Bonds

    • The yield on 10-year Treasuries was little changed at 4.10%

    • Germany’s 10-year yield was little changed at 2.27%

    • Britain’s 10-year yield advanced three basis points to 4.24%

    Commodities

    • West Texas Intermediate crude fell 2% to $74.04 a barrel

    • Spot gold fell 0.2% to $2,651.87 an ounce

    This story was produced with the assistance of Bloomberg Automation.

    –With assistance from James Hirai, Sagarika Jaisinghani and Michael Msika.

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    ©2024 Bloomberg L.P.

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  • 5 credit card habits that earn points faster – MoneySense

    5 credit card habits that earn points faster – MoneySense

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    1. Unlock the earning potential of your everyday spending

    Everyone has expenses. The trick is to figure out how to earn rewards on the purchases you’re already making. Your best bet is to pick a card that offers boosted earn rates in the categories you spend the most in. For many Canadians, the top spending categories are groceries and gas, so paying with a card like the National Bank World Elite Mastercard can reap a lot of points.

    Let’s say your family spends around $1,000 per month on groceries and about $250 on gas. If you paid for these purchases with the National Bank World Elite Mastercard, you could earn up to 5,500 points per month—that’s 66,000 points per year just in those two categories. With 66,000 points, you could redeem for tech merchandise (like a smartwatch or tablet) or pay down your National Bank of Canada mortgage, for example.

    Here’s how it works: The amount of points earned on grocery and restaurant purchases depends on the total gross monthly amount charged to the credit card account, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you’ll earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

    Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. See applicable terms and conditions.

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    National Bank World Elite Mastercard

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    • Annual fee: $150
    • Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
    • Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
    • Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

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    2. Make the most of your optional spending

    There’s more to bills than groceries and gas, of course, so choose a card that rewards more of your other purchases. When you use your National Bank World Elite Mastercard to pay your restaurant bill, you could earn up to five points per dollar. Plus, with a base rate of one point per dollar spent on your card in other categories, your rewards will rack up quickly.

    3. Subscribe to rewards points

    If you’re like most Canadians, you’ve got a bunch of bills that show up each and every month, including services like your phone plan and subscriptions to streaming services. Get something back for your monthly bills by setting up automatic payments with your National Bank World Elite Mastercard. You’ll get two points per dollar for recurring payments, and you’ll never have to worry about missing a payment.

    4. Get the family involved

    When you add a cardholder to your account, all their rewards points add up along with yours in the same account, so you reach your rewards goals faster. This can be a terrific option for spouses, for example. Each person will have their own card with their own PIN, but all transactions are charged to the same account. With the National Bank World Elite Mastercard, the annual fee for each additional card is only $50 per year. 

    5. Earn more on travel

    Using a credit card is a convenient and secure way to pay for travel—and it can also let you earn rewards points. With the National Bank World Elite Mastercard, you’ll get two points per dollar spent on any travel you book through the À la carte Travel portal. Plus, every year you’ll get a travel credit of up to $150 to reimburse eligible expenses charged to your card, including flight upgrades, seat selection, airport parking, extra checked bags and access to airport lounges. And, with the included travel insurance on this card, you’ll be all set for your next journey. (Insurance coverage is limited to specific amounts. Please read the full insurance details.)

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    Keph Senett

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  • How to use your credit card responsibly – MoneySense

    How to use your credit card responsibly – MoneySense

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    What is a credit score?

    A credit score is a three-digit number, usually between 300 and 900, that banks and other lenders use to determine how likely you are to pay back your loans. The higher the number, the more credit-worthy you are to the banks.

    Your score is based on information in your Canadian credit history, such as whether you pay for your phone bill and utilities on time and in full each month. The problem is, for newcomers and others without a Canadian credit history, lenders don’t have any information. This makes it hard for people to get credit.

    Your first credit card in Canada

    If you’re young, or a newcomer, or you haven’t used credit in Canada before, you’ll need to start simply. Credit cards themselves are forms of credit, so the first step is to get an entry-level credit card and prove your credit-worthiness by paying your bills on time. Then you can work your way up.

    Entry-level credit cards usually have fewer perks than more premium cards, but they also typically have lower income requirements and a lower annual fee—in some cases, $0.

    National Bank’s mycredit Mastercard is a great example. There’s no annual minimum income requirement to apply for this card and no annual fee, making it very accessible. And, while the mycredit Mastercard doesn’t come with a full suite of included benefits, it does allow you to earn 1% cash back on recurring bill payments and restaurant spends, and 0.5% back on everything else.

    If you want more features and rewards, National Bank’s Platinum Mastercard is a good option that also has no minimum income requirement. National Bank’s World Elite Mastercard has an annual fee of $150 and comes with more perks—including an annual travel expense refund up to $150.

    4 tips for credit card use

    You already know you should use your credit card responsibly, but what, exactly, does that mean?

    • Stick to your budget
      Most entry-level credit cards come with modest credit limits. Still, it’s important you don’t spend more than you can pay off, no matter your limit. This is sometimes tricky for new credit cardholders, but budgeting is an essential part of your financial health.
    • Pay your card balance in full
      Best practice is to pay off your credit card, in full and on time, every month. Interest rates on credit cards are very high, so debt can balloon quickly if you carry a balance. Stick to your budget and don’t overspend.
    • Pay the minimum amount
      If, for any reason, you can’t pay a bill in full, make sure you pay at least the minimum amount, which appears on your bill. Credit card companies report your payment history to the credit bureaus, and even one missed payment will lower your score. You can avoid that by making the minimum payment (or more) by the due date.
    • Pay your bill on time
      Timeliness is as important as making minimum payments. It shows the credit bureaus that you can meet your financial obligations. If you need help remembering your due date, consider setting up an automatic payment through your online banking. 

    When it comes to credit cards, you should work towards paying in full, on time, every month. Every payment helps you build your credit score buy showing you are responsible with credit, and over time, you can become eligible for upgraded financial products, with more features and perks.

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    Keph Senett

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  • A credit card that deserves to be your everyday card – MoneySense

    A credit card that deserves to be your everyday card – MoneySense

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    This hard-working credit card offers generous earn rates of up to five points per dollar spent on restaurants and groceries, which is a significant spending category for most Canadians. The amount of points earned on these purchases depends on the total gross monthly amount charged to the credit card, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you will earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

    Another big expense—gas or EV charging—earns two points per dollar spent, as do recurring bill payments, along with any travel booked through National Bank’s À la carte Travel service. All other purchases earn a base rate of one point per dollar, so nothing goes unrewarded.

    Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.

    sponsored

    National Bank World Elite Mastercard

    go to site

    • Annual fee: $150
    • Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
    • Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
    • Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

    go to site

    Redeeming your rewards points

    Redemptions with the National Bank World Elite Mastercard are easy. You can use your points to shop for whichever rewards best suit you. Visit the online boutique and choose from merchandise, gift cards or travel, or invest your points in your National Bank of Canada TFSA and/or RRSP. You can also apply points to your credit card balance or National Bank of Canada mortgage. It’s quick, easy and all in one place.

    When it comes to perks, the National Bank World Elite Mastercard has the bases covered. Travellers will love the included travel and car rental insurance, and unlimited access to the National Bank Lounge at Montréal-Trudeau Airport for international flights. Plus, there’s an annual travel credit of up to $150 that you can apply to eligible expenses including seat selection, seat upgrades, airport parking, extra checked bags and airport lounge access.

    Other benefits include mobile device insurance and extended manufacturer’s warranty, so you’ll be covered for longer on virtually anything you buy with the card. (See all terms and conditions.)

    The right credit card offers convenience, security and benefits you can use. Consider the National Bank World Elite Mastercard as your everyday card.

    This article is sponsored.

    This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.

    More about credit cards:

    ® Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.
    ® National Bank and À la carte rewards are registered trademarks of National Bank of Canada. 

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    Keph Senett

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  • Earning, saving and spending money in Canada: A guide for new immigrants – MoneySense

    Earning, saving and spending money in Canada: A guide for new immigrants – MoneySense

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    Getting started

    To get started, here’s an overview of what you need to know about moving to Canada, working in Canada and building a good credit history. 

    The more you know about Canadian money, savings and housing, the better prepared you’ll be. You can even do certain steps—such as opening a bank account—before you arrive. Learn about this and other personal finance topics, including key details about preparing to buy a home in anywhere in Canada.

    Finding a job and earning an income soon after arriving in Canada can contribute to your success. We explain who can legally work here, how to apply for a work permit, how to find credible job postings and what details to look for in a job offer. We also tell you about non-profit organizations that help immigrants find work, sign up for free English classes and more

    Moving to Canada or new to the country? These six major cities have many job opportunities in different fields—plus we look at the cost of living in each.

    From tech to health care, Canada offers plenty of jobs for newcomers—and many of them are included in national and provincial express entry immigration programs.

    Once you move to Canada, it’s important to start building a good credit history—it will have a big impact on your future here. If you plan to borrow money to buy a home or a car, for example, lenders will look at your credit report to decide if they’ll loan you money and how much interest to charge you. Employers, landlords and even cellphone companies may check your credit report. We explain how to build your credit history and how to improve your credit score.

    Some financial products in Canada are similar to what’s available in India, like fixed deposits and GICs. Check out our list.

    We’ve rounded up 15 more MoneySense articles that provide personal finance tips for different life stages—from your first steps in Canada to getting established to planning for retirement.

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    MoneySense Editors

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  • High interest rates and unemployment: Expectations for June’s rate announcement – MoneySense

    High interest rates and unemployment: Expectations for June’s rate announcement – MoneySense

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    Meanwhile, Canada’s rise in unemployment comes as high borrowing costs weigh on businesses and strong population growth continues to add to the country’s labour supply. The unemployment rate was up one percentage point compared with a year ago.

    “The problem is that we got a slight decline in employment at a time when the population is still increasing, very, very quickly. And that was the main cause of concern within this report,” Grantham later said in an interview.

    Canada’s jobless rate and unemployment stats

    Statistics Canada says the rise in the jobless rate was driven by an increase of 60,000 people searching for work or temporarily laid off. The total number of unemployed people in the country stood at 1.3 million last month, an increase of nearly 250,000 compared with a year ago.

    Young people are particularly feeling the chill in the labour market. Employment among those aged 15 to 24 declined by 28,000 in March and the jobless rate for the group rose to 12.6%, the highest it’s been since September 2016 outside of pandemic years 2020 and 2021. An RBC report released in January said students and new graduates, rather than new arrivals to Canada, are driving the increase in unemployment in the country. (Here are the best jobs in Canada for immigrants.)

    “Close to half of the increase in the total number of unemployed people year-over-year in Canada… were students that were not in the job market and have started looking for work,” Janzen said.

    Photo by Maria Orlova from Pexels

    Friday’s report shows job losses last month were concentrated in accommodation and food services, followed by wholesale and retail trade and professional, and scientific and technical services. Meanwhile, employment increased in four industries, led by healthcare and social assistance.

    Despite weaker labour market conditions, wage growth continued to grow rapidly, with average hourly wages rising 5.1% annually.

    Although economists are gearing up for rate cuts in the coming months, the job market is expected to remain weak for a while.
    Janzen expects the unemployment rate to peak at 6.5% in the third quarter of the year, noting interest rates will continue to restrict growth until they return to normal levels.

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  • Best jobs in Canada for immigrants: The top 5 industries in demand – MoneySense

    Best jobs in Canada for immigrants: The top 5 industries in demand – MoneySense

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    2. Jobs in health care

    The demand for health care workers has never been higher. The Canadian government has included health care workers in its first-ever category-based priority jobs process, announced in May 2023. The following month, it announced a new immigration stream for health care workers—the first 2,000 invitations to apply were sent out last year. Some provinces—including British Columbia, Alberta and Nova Scotia—have express entry or dedicated pathways for newcomers to get health care jobs quickly. Nova Scotia’s program is a pilot project. (See resource box below for links.)

    In-demand jobs: Health care jobs range from hospital administrative staff (such as medical office assistants, secretaries and schedulers) to unregulated care providers (such as personal support workers and physician assistants) to regulated professionals (such as doctors, nurses and pharmacists). (Regulation will vary by province or territory.) According to the Canadian Institute for Health Information (CIHI), the need for nurses here is high, based on Canada’s RN-to-population ratio. (In 2022, we had just 825 nurses per 100,000 people.) Physicians are also badly needed. From 2022 to 2031, the number of job openings for family physicians and general practitioners is expected to reach 48,900, far outweighing the estimated 29,400 job seekers, according to the Canadian Occupational Projection System (COPS).

    Training and credentials: This varies widely by job type, and by province or territory. Administrative and unregulated health workers may need training to satisfy job requirements; you can find courses at government-funded and private schools. For regulated health professionals, getting international credentials recognized in Canada can be challenging. This is changing somewhat, as regulatory bodies try to address the labour shortage. Still, getting licensed or certified to work in Canada can be expensive and time-consuming, and many newcomers are not successful in continuing their medical careers here. (Start with the government’s Foreign Credential Recognition Tool.)

    Industry hot spots: The demand for health workers is strong across Canada. However, there are some places where the need is greater than others. Family physicians are most needed in the three territories (Yukon, Nunavut and the Northwest Territories), Quebec and British Columbia. Among the provinces, the physician-to-patient ratio is the worst in Ontario, Manitoba, Saskatchewan and B.C. For personal support workers (PSWs) and continuing care assistants (CCAs), the demand is so high that some provinces, including Ontario and Nova Scotia, offer free training to qualified students. Graduates may be required to work in underserved communities for a certain period.

    Salary range: Salaries vary widely by role, location and experience. A few examples from Canada’s Job Bank: Medical administrative assistants can earn $17 to $34.55 per hour (lowest rate in Prince Edward Island, highest rate in Yukon), with a national median of $22.56 per hour. Registered nurses can earn $25 to $83 per hour (lowest rate in Quebec, highest rate in Nunavut), with a national median of $40.39 per hour. General practitioners (family physicians) earn $69,539 to $497,843 per year (lowest amount in British Columbia, highest amount in Manitoba), with a national median of $233,726 annually.

    Resources for health care workers

    Return to menu.

    3. Jobs in skilled trades

    There are many ways to join skilled trades in Canada. In mid-2023, the government announced a category-based priority immigration plan that includes trades jobs, such as carpenters, plumbers and contractors. Some provinces, such as Ontario, British Columbia and Nova Scotia, have programs to compete for much-needed skilled workers. (See resource box below for links.)

    In-demand jobs: Below are the top five Red Seal tradespeople in demand from now until 2026, according to Employment and Social Development Canada. (The Red Seal Program sets the standards for skills assessment of tradespeople. Canada has more than 300 designated trades; about 50 of them are Red Seal trades.)

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    Veronica Silva Cusi

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  • National Bank of Canada prioritizes cost management in Q1 | Bank Automation News

    National Bank of Canada prioritizes cost management in Q1 | Bank Automation News

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    National Bank of Canada focused on cost management and overall efficiency as it boosted tech spend and pulled back on headcount in the first quarter of 2024.   Tech spend grew 3.6% year over year to $CA259 million ($190 million) for the quarter ended Jan. 31 as the bank continued to invest in technology across […]

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    Whitney McDonald

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  • National Bank of Canada ups tech spend 10% YoY in Q2 | Bank Automation News

    National Bank of Canada ups tech spend 10% YoY in Q2 | Bank Automation News

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    National Bank of Canada was selective in expense management in the second quarter, specifically in areas of headcount, technology investment and discretionary spending. In Q2, the bank’s tech spend increased 10% year over year to $122 million, according to the bank’s earnings supplement. THE BIG PICTURE: The bank continued digital innovation in the quarter following […]

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    Whitney McDonald

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  • National Bank of Canada invests in technology, talent in Q4 | Bank Automation News

    National Bank of Canada invests in technology, talent in Q4 | Bank Automation News

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    National Bank of Canada (NBC) is set to continue its digital innovation strategy through hiring technology-focused talent.  “We will continue to invest in our people, focus on deepening our client relationships, capitalize on our momentum in digital innovation and leverage our collaborative models to drive growth across the country in the years to come,” Chief […]

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    Brian Stone

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