Canadian Stocks Tumble As Fed Comments Dash Rate Cut Hopes

RTTNews | hace 574

(RTTNews) - The Canadian market ended notably lower on Wednesday after the Federal Reserve said it does not expect it will be appropriate to lower rates until it has gained greater confidence that inflation is moving sustainably toward 2%.

Due to widespread selling, all the sectoral indices ended in negative territory. Technology, healthcare, utilities, financials and energy stocks were among the major losers.

The benchmark S&P/TSX Composite Index ended down 205.99 points or 0.97% at 21,014.17.

Healthcare stocks Tilray Inc (TLRY.TO) and Bausch Health Companies (BHC.TO) ended down 4.3% and 3.8%, respectively.

Technology stocks Hut 8 Corp (HUT.TO) and Docebo Inc (DCBO.TO) lost 4.2% and 3.3%, respectively. Converge Technology Solutions (CTS.TO), Tecsys Inc (TCS.TO), Softchoice Corp (SFTC.TO), Quarterhill (QTRH.TO), Shopify Inc (SHOP.TO), Constellation Software (CSU.TO) and Lightspeed Commerce (LSPD.TO) ended lower by 2 to 3%.

CGI Group Inc (GIB.A.TO) gained nearly 1% after reporting higher first quarter earnings.

Canadian Utilities Ltd. (CU.TO), down 2.7%, was the biggest loser in the Utilities index. Brookfield Infra Partners (BIP.UN.TO), Algonquin Power and Utilities Corp (AQN.TO) and Superior Plus Corp (SPB.TO) ended lower by 1.8 to 2%.

Energy stocks Nuvista Energy (NVA.TO), Parex Resources (PXT.TO), Vermilion Energy (VET.TO), Tamarack Valley Energy (TVE.TO), Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO) and Imperial Oil (IMO.TO) lost 1.6 to 3.4%.

In the financials sector, Laurentian Bank (LB.TO), EQB Inc (EQB.TO), Nuvei Corp (NVEI.TO), Fairfax Financial Holdings (FFH.TO), Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and Toronto-Dominion Bank (TD.TO) lost 1 to 2%.

Consumer discretionary stocks Aritzia Inc (ATZ.TO), Canada Goose Holdings (GOOS.TO) and Giland Activewear (GIL.TO), and materials shares Lithium Americas Argentina Corp (LAAC.TO), First Quantum Minerals (FM.TO), Filo Mining (FIL.TO), Methanex Corp (MX.TO) and Nutrien (NTR.TO) were among the other prominent losers in the session.

Jamieson Wellness (JWEL.TO), Ag Growth International (AFN.TO) and Canadian Pacific Kansas City (CP.TO) gained 1.7 to 2%.

Data from Statistics Canada said Canada's economy likely grew 0.3% in December 2023, according to preliminary estimates. In November, GDP increased by 0.2%, higher than the preliminary estimate of 0.1% advance, and following three months of stagnation.

Australian Market Trims Early Losses In Mid-market

The Australian market is trimming early losses in mid-market moves on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

RTTNews | hace 1h 2min

Asian Markets Trade Mostly Higher

Asian stock markets are mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic the US Fed will cut interest rates at their next meeting in September. They also remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the Fed's preferred readings on consumer price inflation.

RTTNews | hace 1h 17min

Sensex, Nifty Set To Open Lower As New U.S. Tariffs Take Effect

Indian shares may open on a weak note on Thursday after U.S. President Donald Trump's 50 percent tariffs on Indian goods came into effect on Wednesday.

RTTNews | hace 1h 48min

Swiss Market Settles Modestly Higher

The Switzerland market closed modestly higher on Wednesday after staying firm right through the day's session, thanks to fairly strong buying at several counters. The benchmark SMI closed up by 46.23 points or 0.38% at 12,207.12. The index moved between 12,166.23 and 12,226.36 during the session.

RTTNews | hace 2h 0min

Japanese Market Notably Higher

The Japanese market is trading notably higher on Thursday after opening in the red, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 42,650 level, with gains in index heavyweights, automakers and financial stocks.

RTTNews | hace 2h 8min

Thai Bourse May Halt Losing Streak On Thursday

The Thai stock market has moved lower in back-to-back sessions, slipping almost 15 points or 1.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,250-point plateau although it may stop the bleeding on Thursday.

RTTNews | hace 2h 17min

Australian Market Slightly Lower

The Australian market is slightly lower in choppy trading on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

RTTNews | hace 2h 25min

Indonesia Shares Tipped To Open In The Green

The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,935-point plateau and it may add to its winnings on Thursday.

RTTNews | hace 2h 47min

EURUSD	1.16435	GBPUSD	1.35089	AUDUSD	0.65122
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