Canadian Market Deep Down In Negative Territory On Widespread Selling

RTTNews | 1072 hari yang lalu
Canadian Market Deep Down In Negative Territory On Widespread Selling

(RTTNews) - Canadian stocks are languishing deep down in negative territory Thursday afternoon with investors pressing sales almost across the board amid rising fears about a possible recession due to policy tightening by global central banks.

The benchmark S&P/TSX Composite Index, which plummeted to 10,988.92, the lowest level in over 13 months, is down 588.51 points or 3.03% at 19,023.05.

All the sectoral indexes are down in the red, losing between 1 and 4.2%. Healthcare, consumer discretionary, energy, information technology, financials and real estate stocks have taken a severe hammering.

Cargojet Inc (CJT.TO) is down more than 17%. Nuvei Corp (NVEI.TO), Magna International (MG.TO), Precision Drilling (PD.TO), Shopify Inc (SHOP.TO) and Canadian Natural Resources (CNQ.TO) are down 7 to 10%.

Goeasy (GSY.TO), FirstService Corporation (FSV.TO), Kinaxis Inc (KXS.TO), West Fraser Timber (WFG.TO), Fairfax Financial Holdings (FFH.TO) and Constellation Software (CSU.TO) are lower by 2 to 6%.

First Quantum Minerals (FM.TO) is down nearly 8% on huge volumes. Air Canada (AC.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO), Arc Resources (ARX.TO), Suncor Energy (SU.TO), Telus Corp (T.TO) and Baytex Energy (BTE.TO) are also down sharply on huge volumes.

Agnico Eagle Mines (AEM.TO), Enghouse Systems (ENGH.TO), Newcrest Mining (NCM.TO) and Franco-Nevada Corporation (FNV.TO) are bucking the trend and trading notably higher.

On the economic front, data released by Statistics Canada showed wholesale sales in Canada dropped 0.5% month-over-month to C$ 79.8 billion in April of 2022, well below preliminary estimates of a 0.2% increase.

After announcing a 75-basis point rate hike on Wednesday and leaving the door open for another rate increase of that magnitude in July, Fed Chair Jerome Powell said the central bank cannot control all the factors driving inflation.

Earlier today, the Swiss National Bank unexpectedly increased interest rates for the first time since 2007.

The Bank of England also announced another 25 basis point rate hike. The BoE's Monetary Policy Committee voted 6-3 to raise the bank rate to 1.25%, the highest rate since early 2009.

read more
Euro Slips On Trump's Tariff Proposal

Euro Slips On Trump's Tariff Proposal

The euro fell against its major counterparts on Friday, as President Donald Trump proposed tariffs on imports from the European Union starting on June 1.
RTTNews | 19j 51min yang lalu
Swiss Market Ends Weak On Tariff Concerns

Swiss Market Ends Weak On Tariff Concerns

After opening on a positive note and staying above the flat line till about an hour past noon, the Switzerland market tumbled on Friday, hurt by U.S. President Donald Trump's threat that imports from the European Union will face 50% tariffs from June 1st.
RTTNews | 20j 42min yang lalu
European Stocks Closed Weak On Trump's Fresh Tariff Threat

European Stocks Closed Weak On Trump's Fresh Tariff Threat

European stocks closed on a weak note on Friday despite staging a fairly strong recovery past mid afternoon. After staying modestly higher till noon, the major European markets tumbled after U.S. President Donald Trump threatened to impose 50% tariffs on imports from the European Union from June 1st.
RTTNews | 20j 58min yang lalu
TSX Recovers After Early Setback; Materials Stocks Move Higher

TSX Recovers After Early Setback; Materials Stocks Move Higher

After a weak start and a subsequent drop to lower levels, the Canadian market recovered well and is down just marginally a little past noon on Friday. The early setback was due to U.S. President Donald Trump's threat that 50% tariffs will be imposed on imports from the European Union beginning June 1st.
RTTNews | 22j 7min yang lalu
U.S. New Home Sales Spike From Downwardly Revised Level In April

U.S. New Home Sales Spike From Downwardly Revised Level In April

The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March. The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
RTTNews | 23j 40min yang lalu
Germany Logs Stronger Growth On Tariff Threats

Germany Logs Stronger Growth On Tariff Threats

The German economy grew at a stronger-than-estimated pace in the first quarter as higher tariff threats by the U.S. administration led to the frontloading of orders for the country's goods, lifting exports and industrial production. Gross domestic product grew 0.4 percent, which was double the initial estimate of 0.2 percent, a detailed report from Destatis revealed on Friday.
RTTNews | 1 hari yang lalu
Bay Street Likely To Open On Negative Note On Tariff Concerns

Bay Street Likely To Open On Negative Note On Tariff Concerns

Canadian shares look headed for a weak start Friday morning as tariff concerns resurfaced after U.S. President Donald Trump threatened 50% tariffs on EU goods from June 1. Weak oil prices could hurt energy stocks and add to market's downside.
RTTNews | 1 hari yang lalu
FTSE Pares Early Gains, Up Marginally In Cautious Trade

FTSE Pares Early Gains, Up Marginally In Cautious Trade

U.K. stocks moved higher Friday morning, reacting to data showing a notable rise in retail sales, and survey showing strong consumer confidence. However, stocks pared gains subsequently in cautious trade and the market was up just marginally a little past noon.
RTTNews | 1 hari yang lalu