Canada's cannabis companies are experiencing a rush of investment that's making even some participants paranoid. Tilray Inc., a marijuana company valued at nearly $9 billion, currently trades at a price-to-sales ratio of about 124. That's more than 25 times higher than Amazon Inc. and Apple Inc., the two most valuable companies in the S&P 500. And Canopy Growth Corp.'s $11 billion-plus market value is on par with Barrick Gold Corp.'s, even though the mining firm, with 18,000 workers, is expected to post 20 times the sales this year as the 1,000-employee cannabis company.
Canadian housing starts declined for a second month in August, adding to evidence that higher borrowing costs are slowing the market. Work started on 200,986 homes last month at a seasonally adjusted annual pace, a decline of 2.3 percent.
Trade associations representing farmers, retailers and manufacturers are joining forces in a new multi-million-dollar campaign to oppose President Donald Trump's tariffs, in the latest attempt by U.S. business to stop an escalating trade war. Groups lobbying for months to persuade the president that tariffs are the wrong approach have been largely ignored, as Trump slapped duties on billions of dollars of imports from steel to Chinese products. But a new coalition called Americans for Free Trade is joining Farmers for Free Trade to change the direction in Washington by highlighting stories of businesses, consumers and farmers in the heartland negatively affected by the duties.
New York has replaced London as the world's top financial center as Brexit saps the confidence of U.K. industry professionals, according to a survey.
European equities inched higher as energy shares rose along with crude prices and mining stocks bounced back from their recent sharp sell-off.
Sweden's center-right group of parties says it's ready to work with Prime Minister Stefan Lofven's Social Democrats as the establishment seeks to block the nationalist Sweden Democrats from gaining too much political influence.
The benchmark MSCI Asia Pacific Index fell for a tenth consecutive day Wednesday, extending its recent decline to almost 5 percent and bringing the loss in value to almost $700 billion this year. And there's a slew of reasons: trade, the U.S. dollar, emerging-market turmoil and the bear market in Chinese stocks to name but a few.
China's policy makers are stuck with the most bearish equity market in years as their attempts to lift sentiment fail to gain traction. The Shanghai Composite Index closed Wednesday within just half a point of its lowest level since 2014, ignoring an article in the Securities Daily expressing support for the market and suggesting value investors should start buying.