TSX Ends Sharply Lower As Inflation Data Triggers Sell-off

RTTNews | 891 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
China Stock Market May Add To Its Winnings On Friday

China Stock Market May Add To Its Winnings On Friday

The China stock market ticked higher again on Thursday, one day after halting the two-day winning streak in which it had advanced more than 75 points or 1.9 percent. The Shanghai Composite Index now sits just above the 3,920-point plateau and it may see additional support on Friday.
RTTNews | 14 minutes ago
Australian Market Slightly Higher

Australian Market Slightly Higher

The Australian stock market is trading slightly higher on Friday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 9,000 mark, with gains in iron ore miners and technology stocks partially offset by weakness in gold miners and financial stocks.
RTTNews | 27 minutes ago
Taiwan Stock Market May Find Traction On Friday

Taiwan Stock Market May Find Traction On Friday

The Taiwan stock market has finished lower in back-to-back sessions, slumping more than 220 points or 0.8 percent along the way. The Taiwan Stock Exchange now sits just above the 27,530-point plateau although it may stop the bleeding on Friday.
RTTNews | 44 minutes ago
Win Streak May Continue For Singapore Stock Market

Win Streak May Continue For Singapore Stock Market

The Singapore stock market has moved higher in three straight sessions, collecting almost 90 points or 2 percent along the way. The Straits Times Index now rests just above the 4,415-point plateau and it may add to its winnings on Friday.
RTTNews | 1h 14min ago
Malaysia Bourse May Remain Rangebound On Friday

Malaysia Bourse May Remain Rangebound On Friday

The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had picked up less than a point. The Kuala Lumpur Composite Index now sits just beneath the 1,610-point plateau and it's likely to remain in that neighborhood again on Friday.
RTTNews | 1h 44min ago
Japan Stock Market May Halt Losing Streak

Japan Stock Market May Halt Losing Streak

The Japanese stock market has finished lower in back-to-back sessions, retreating more than 675 points or 1.4 percent in that span. The Nikkei 225 now sits just above the 48,640-point plateau although it may find traction on Friday.
RTTNews | 1h 59min ago
Rebound Anticipated For South Korea Shares

Rebound Anticipated For South Korea Shares

The South Korea stock market on Thursday ended the six-day winning streak in which it had surged more than 320 points or 8.6 percent to a record closing high. The KOSPI now rests just beneath the 3,850-point plateau although it may bounce higher again on Friday.
RTTNews | 2h 14min ago