TSX Ends Sharply Lower As Inflation Data Triggers Sell-off

RTTNews | hace 889
TSX Ends Sharply Lower As Inflation Data Triggers Sell-off

(RTTNews) - The Canadian market ended sharply lower on Tuesday as hotter-than-expected inflation data raised bets the Bank of Canada will tighten its policy by hiking interest rates.

Weak crude oil and bullion prices weighed as well.

The benchmark S&P/TSX Composite Index ended with a loss of 297.90 points or 1.45% at 20,242.07, recording its biggest single session drop in about three weeks.

Data from Statistics Canada showed the annual inflation rate in Canada rose to 4.4% in April of 2023 from the 19-month low of 4.3% in the previous month, well above the expected increase of 4.1%. The hotter-than-expected inflation data has raised fears the Canadian central bank will tighten its policy stance.

Core consumer prices in Canada increased 4.1% in April over the same month in the previous year.

A separate data from Statistics Canada showed manufacturing sales in Canada rose slightly by 0.7% month-over-month in March 2023, reversing a 3.6% drop in February.

As selling was widespread, all the sectoral indices ended in negative territory. Energy, materials, real estate, healthcare and financials shares were among the major losers.

Enbridge (ENB.TO), Precision Drilling Corporation (PD.TO), Teck Resources (TECK.B.TO), Magna International (MG.TO), Agnico Eagle Mines (AEM.TO), Canadian Natural Resources (CNQ.TO), Shopify Inc (SHOP.TO), Franco-Nevada Corporation (FNV.TO) and Royal Bank of Canada (RY.TO) lost 2 to 4%.

Lithium Americas Corp (LAC.TO) rallied 2.3%. SNC-Lavalin Group (SNC.TO), Cogeco Inc. (CGO.TO), Boyd Group Services (BYD.TO) and Bombardier Inc (BBD.A.TO) also ended notably higher.

read more
DAX Advances In Cautious Trade

DAX Advances In Cautious Trade

After a weak start and a subsequent recovery that briefly lifted it slightly above the flat line, the German stock market retreated and slipped into negative territory Wednesday morning amid cautious moves by investors due to a lack of progress in Ukraine peace talks and a disappoint earnings update from Netflix.
RTTNews | hace 10 minutos
European Shares Seen Tad Lower At Open

European Shares Seen Tad Lower At Open

European stocks are seen opening a tad lower on Wednesday as Ukraine war discussions remain stalled and Netflix earnings disappointed.
RTTNews | hace 4h 4min
European Economic News Preview: UK Inflation Data Due

European Economic News Preview: UK Inflation Data Due

Inflation from the UK is the major economic news due on Wednesday on an otherwise light day for the European economic news. At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for September. Inflation is forecast to ease to 3.8 percent from 4.0 percent in August.
RTTNews | hace 4h 28min
Australian Market Trims Early Losses In Mid-market

Australian Market Trims Early Losses In Mid-market

The Australian stock market is trimming its early losses in mid-market moves on Wednesday, adding to the losses in the previous session, with the benchmark S&P/ASX 200 falling well below the 9,050 level, following the mixed cues from Wall Street overnight, dragged by tumbling gold mining stocks as bullion prices recorded its biggest intra-day drop in nearly 12 years.
RTTNews | hace 5h 48min
Asian Markets Trade Mostly Lower

Asian Markets Trade Mostly Lower

Asian stock markets are trading mostly lower on Wednesday, following the mixed cues from Wall Street overnight, as traders may be reluctant to continue buying stocks amid lingering concerns about the U.S.-China trade tensions and the ongoing US government shutdown. A lack of major U.S. economic data due in part to the shutdown may also have kept some traders on the sidelines.
RTTNews | hace 6h 25min
Thai Shares: Strong Resistance At 1,300 Points

Thai Shares: Strong Resistance At 1,300 Points

The Thai stock market has finished higher in back-to-back sessions, gathering more than 15 points or 1.2 percent in that span. The Stock Exchange of Thailand now sits just above the 1,290-point plateau although it figures to see little movement on Wednesday.
RTTNews | hace 7h 34min