Canada’s main stock index clocked in a two-week high on Thursday on fresh demand from commodities giving an early jolt to energy and materials stocks as anti-COVID measures in China ease. The financial, health care, and tech sectors came in lower, eventually dragging the TSX with it.
Simmering optimism from Bay St. to Wall St. betting on the US Federal Reserve and central banks tempering aggressive rate-hikes on signs inflation may have peaked. It has brought Canadian stocks up from October’s lows but hasn’t been the same story south of the border.
While major US indices rose, they remain lower for the week after five straight losses. Technology and health care companies had some of the biggest gains, in contrast to their Canadian counterparts. Traders remain wary of growing recession risks as the Fed makes its December rate decision next week.
Today in the Markets
The Canadian dollar traded for 73.60 cents US, compared to 73.23 cents US on Wednesday.
US crude futures traded $0.39 lower at $71.62 a barrel, while the Brent contract lost $0.97 to $76.20 a barrel.
The price of gold was up US$1.70 to US$1,788.86
In world markets, the Nikkei was down 111.97 points to 27,574.43, the Hang Seng was up 635.41 points to 19,450.23, the FTSE was down 17.02 points to 7,472.17, and the DAX was up 3.37 points to 14,264.56.
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