TSX Ends Sharply Lower As Inflation Data Triggers Sell-off

RTTNews | 890 days ago
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
European Shares Mixed Amid Earnings Deluge

European Shares Mixed Amid Earnings Deluge

European shares were mixed on Thursday as investors digested a wave of corporate earnings and watched trade developments between the United States and China. Meanwhile, EU countries today formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports.
RTTNews | 40 minutes ago
Yen Falls After Takaichi Elected As Japan PM

Yen Falls After Takaichi Elected As Japan PM

The Japanese yen weakened against other major currencies in the Asian session on Thursday, as traders expect that the incoming prime minister, Sanae Takaichi, would support accommodating monetary policy and pursue expansionary fiscal policies.
RTTNews | 1h 49min ago
Bank Of Korea Holds Rate At 2.50%

Bank Of Korea Holds Rate At 2.50%

The Bank of Korea retained its interest rate on Thursday as inflation remained stable and economic growth continued to improve amid rising concerns over the heated property market. The Monetary Policy Board of the Bank of Korea decided to leave the Base Rate unchanged at 2.50 percent. The central bank had previously lowered the benchmark rate by a quarter-point each in May and February.
RTTNews | 2h 38min ago
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 | 4h 12min ago
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 | 4h 27min ago
Yen Falls Against Majors

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Thursday.
RTTNews | 4h 34min ago
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 | 5h 36min ago