Interest rate hikes, housing cooldown and recession fears: The business and investing stories you need to know about this week

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Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Bank of Canada’s interest rate hike to further slow housing market

The Bank of Canada’s full-percentage-point rate hike this week is expected to deepen the chill in the country’s housing market and reinforce the view that property values will decline, Rachelle Younglai writes. Higher interest rates will continue to increase borrowing costs, making it harder for homebuyers to qualify for a mortgage, while all homeowners with mortgages will eventually have to pay more for their loans. Economists are forecasting home price declines of up to 20 per cent from peak prices in the first quarter of this year through early next year.

Worried about rising interest rates, inflation or housing? Five ways to calm your mind

The economy is this year’s edge-of-your-seat summer blockbuster. Explosions? For that, we have inflation. Threats to our way of life? Rising interest rates star in that role, with extra suspense generated by rising concern about a recession. Terrified of what’s to come in the next six to 12 months? Rob Carrick breaks down five financial rules to help guide you.

Sinking euro: The ECB’s approach to fighting inflation is messy and modest compared with the Fed’s

The euro is not in crisis – far from it, but the euro is sinking alarmingly fast. As Eric Reguly writes, it has lost 15 per cent against the dollar over a year, with most of that decline happening since January, when it traded at US$1.13. In recent days, it has traded on either side of the dollar, marginally so, but could go lower as a war-induced recession marches closer and the European Central Bank puts out mixed messages as it tries to placate everyone – and no one.

Plunging commodity prices blunt the S&P/TSX’s edge

Weakening commodity prices as of late reflect mounting fears that a recession will crush demand for raw materials such as oil, copper, lumber and wheat. But the price plunge has had another effect that Canadian investors are now directly feeling – the S&P/TSX Composite Index looks mortal again (since early June, the S&P/TSX oil and gas subindex has shed more than 21 per cent of its value). Jason Kirby makes sense of what’s happening with Canadian energy stocks.

Consumers and businesses expected to take Rogers to court over network outage

Were you affected by last week’s Rogers outage that shut down cellular and internet services, banking, debit payments and more? Rogers has offered to make it up to customers with a small credit on their next bill. The company initially said the credit would be worth two days of service, and then increased the offer to five days late Tuesday. But the increase is unlikely to satisfy demands for more compensation. As Erica Alini and Chris Hannay write, one proposed class-action lawsuit filed in Quebec is seeking $400 for all customers, and more legal challenges could follow.

Popular concert tickets nearly 20 per cent more expensive than pre-pandemic, statistics show

If you’ve been feeling the pinch when it comes to buying concert tickets, you’re not alone. As of late June, the average ticket to one of the 100 most popular tours in North America cost US$108.20, 17 per cent more than an average ticket in 2019, Irene Galea writes. Price increases are being driven, at least partly, by increased demand. In the first half of 2022, each of those tours attracted 5 per cent more audience members than in 2019, and took in 25 per cent more revenue. But are Harry Styles floor seats really worth $980 each? Maybe it’s just another sign of the times.

Now that you’re all caught up, prepare for the week ahead with the Globe’s investing calendar.

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