Canadian Shares Down Sharply As Jobs Data Fuels Rate Hike Concerns

RTTNews | 978 days ago
Canadian Shares Down Sharply As Jobs Data Fuels Rate Hike Concerns

(RTTNews) - Canadian stocks are down sharply in negative territory on Friday with stronger than expected jobs data from Canada and the U.S. raising concerns about more aggressive monetary tightening by the central banks this year.

Healthcare stocks are among the major losers. Technology, materials, consumer discretionary, industrials and financials shares are also down sharply. Energy stocks are bucking the trend, tracking higher crude oil prices.

The benchmark S&P/TSX Composite Index is down 278.51 points or 1.47% at 18,700.50 a few minutes past noon.

Data from Statistics Canada showed the Canadian economy added 21,100 jobs in September of 2022, slightly higher than expectations of 20,000 jobs gained and marking the first rise in employment since May.

The unemployment rate in Canada dropped to 5.2% in September from 5.4% in the previous month.

The U.S. Labor Department's data showed non-farm payroll employment jumped by 263,000 jobs in September after surging by an unrevised 315,000 jobs in August and spiking by an upwardly revised 537,000 jobs in July. Economists had expected employment to leap by 250,000 jobs.

The Labor Department also said the unemployment rate dipped to 3.5% in September from 3.7% in August, while economists expected the unemployment rate to come in unchanged.

The Health Care Capped Index is down nearly 10%. Canopy Growth Corp (WEED.TO) is down 19.7%, Tilray Inc (TLRY.TO) is tumbling 17.5% and Cronos Group (CRON.TO) is down 11.2%. Bausch Health Companies (BHC.TO) is declining 8%, while Bellus Health Inc (BLU.TO) is down by about 2.5%.

Lithium Americas Corp (LAC.TO) is plunging more than 10%. Richelieu Hardware (RCH.TO), Shopify Inc (SHOP.TO) and FirstService Service Corporation (FSV.TO) are down 7.2 to 8.6%.

MTY Food Group (MTY.TO) is down nearly 6%. The company reported Friday that its third-quarter net income attributable to owners reached C$22.44 million or C$0.92 per share, down from last year's C$24.34 million or C$0.98 per share.

BRP Inc (DOO.TO), TFI International (TFII.TO), Colliers International (CIGI.TO), Franco-Nevada Corporation (FNV.TO), Kinaxis Inc (KXS.TO), Fairfax Financial Holdings (FFH.TO), Waste Connections (WCN.TO) and Canadian National Railway (CNR.TO) are down 2 to 4%.

Enerplus Corporation (ERF.TO), Atco Inc (ACO.Y.TO), Canadian Natural Resources (CNQ.TO), Loblaw Companies (L.TO), Tourmaline Oil Corp (TOU.TO), Methanex Corp (MX.TO) and TC Energy Corporation (TRP.TO) are gaining 1.3 to 3%.

read more
Rally May Stall For Thai Stock Market

Rally May Stall For Thai Stock Market

The Thai stock market has moved higher in back-to-back sessions, collecting more than 6 points or 0.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,140-point plateau although it may be stuck in neutral on Thursday.
RTTNews | 13 minutes ago
Japanese Market Notably Lower

Japanese Market Notably Lower

The Japanese market is trading notably lower on Thursday, snapping a four-session winning streak, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,200 level, with weakness across most sectors led by automakers, exporters and technology stocks. Financial stocks are the only bright spot.
RTTNews | 35 minutes ago
Indonesia Bourse May Extend Wednesday's Losses

Indonesia Bourse May Extend Wednesday's Losses

The Indonesia stock market on Wednesday ended the three-day winning streak in which it had gained almost 190 points or 2.7 percent. The Jakarta Composite Index now rests just above the 7,220-point plateau and the losses may accelerate on Thursday.
RTTNews | 43 minutes ago
Australian Market Slightly Higher

Australian Market Slightly Higher

The Australian market is trading slightly higher on Thursday, extending the gains in the previous two sessions, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving a tad above the 8,600 level, with gains in gold miners and eergy partially offset by weakness in iron ore miners.
RTTNews | 56 minutes ago
Hong Kong Bourse May Hand Back Wednesday's Gains

Hong Kong Bourse May Hand Back Wednesday's Gains

The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had rallied almost 750 points or 3.5 percent. The Hang Seng Index now sits just above the 24,360-point plateau and it's likely to remain rangebound on Thursday.
RTTNews | 58 minutes ago
Lower Open Anticipated For Taiwan Stock Market

Lower Open Anticipated For Taiwan Stock Market

The Taiwan stock market has moved higher in three straight sessions, accelerating more than 810 points or 3.6 percent along the way. The Taiwan Stock Exchange now sits just above the 22,470-point plateau although it's expected to open under water on Thursday.
RTTNews | 1h 43min ago
Continued Consolidation Called For Singapore Shares

Continued Consolidation Called For Singapore Shares

The Singapore stock market has moved lower in two straight sessions, sinking more than 15 points or 0.4 percent along the way. The Straits Times Index now sits just beneath the 3,920-point plateau and it may take further damage on Thursday.
RTTNews | 2h 13min ago
Renewed Selling Pressure Expected For Malaysia Shares

Renewed Selling Pressure Expected For Malaysia Shares

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 gained almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau and it's likely to head south again on Thursday.
RTTNews | 2h 43min ago