TSX Sheds 2.1% As Stocks Tumble On Concerns Over Inflation, Interest Rates

RTTNews | 762天前
TSX Sheds 2.1% As Stocks Tumble On Concerns Over Inflation, Interest Rates

(RTTNews) - The Canadian stock market suffered one of its worst setback in recent months on Thursday as worries about, inflation, interest rates and outlook for economic growth weighed on sentiment, rendering the mood extremely bearish.

The benchmark S&P/TSX Composite Index ended with a loss of 423.07 points or 2.09% at 19,791.62, the lowest close in about four weeks.

As selling was widespread, all the sectoral indices fell. The Consumer Staples Capped Index, which dropped 0.92%, suffered the least damage. The Information Technology Capped Index, which was the worst hit, declined 3.39%.

Real Estate, Materials, Consumer Discretionary, Utilities and Industrials indices lost 2 to 2.4%, while Financials, Communication Services and Energy indices shed 1.84%, 1.79% and 1.48%, respectively. The Healthcare Index ended 1.07% down.

Rising concerns about Canadian inflation and the impact of higher interest rates on economic growth continued to hurt sentiment.

The Federal Reserve held its interest rate steady on Wednesday but said at least one more hike is likely by the end of this year. The Bank of England and the Swiss National Bank also left their rates unchanged, while Norway's Norges Bank and Sweden's Riksbank, both raised their rates by 25 basis points.

On the economic front, data from Statistics Canada showed new home prices in Canada edged up by 0.1% mom in August 2023, following a 0.1% decline in July. Year-on-year, the cost of new homes fell by 0.9% in August.

read more
European Economic News Preview: French Business Confidence Data Due

European Economic News Preview: French Business Confidence Data Due

Business sentiment from France and industrial trends survey from the UK are the top economic news due on Thursday. At 2.45 am ET, France's statistical office INSEE is scheduled to issue business confidence survey data is due. The manufacturing sentiment index is forecast to remain unchanged at 96 in October.
RTTNews | 15分鐘前
European Shares Seen Lower With US-China Tensions In Focus

European Shares Seen Lower With US-China Tensions In Focus

European stocks are seen opening a tad lower on Thursday after reports emerged that the Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, stoking fresh trade tensions.
RTTNews | 30分鐘前
Yen Falls Against Majors

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Thursday.
RTTNews | 37分鐘前
Sensex, Nifty Open On Buoyant Note Amid Trade Deal Hopes

Sensex, Nifty Open On Buoyant Note Amid Trade Deal Hopes

Indian shares opened on a buoyant note on Thursday after reports suggested that India and the United States are close to finalizing a long-awaited bilateral trade deal that could sharply lower tariffs on Indian exports to about 15-16 percent from the current average of 50 percent.
RTTNews | 1小時39分鐘前
Australian Market Swings To Modest Gains In Mid-market

Australian Market Swings To Modest Gains In Mid-market

The Australian market is swinging to modest gains in mid-market moves on Thursday, reversing some of the losses in the previous two sessions, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well above the 9,000 mark, with gains in gold miners and energy stocks partially offset by weakness in iron ore miners, financial and technology stocks.
RTTNews | 2小時35分鐘前
Asian Markets Trade Mostly Higher

Asian Markets Trade Mostly Higher

Asian markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, amid optimism about the outlook for interest rates as markets are pricing in another rate cut by the U.S. Fed at its upcoming October 28-29 monetary policy meeting, despite the absence of vital data to gauge the trajectory of the economy. Asian markets closed mostly lower on Wednesday
RTTNews | 2小時44分鐘前
Japanese Market Sharply Lower

Japanese Market Sharply Lower

The Japanese market is sharply lower on Thursday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 48,700 level, with weakness across most sectors led by index heavyweights and technology stocks.
RTTNews | 4小時32分鐘前