TSX Ends Sharply Lower As Stocks Fall After Inflation Data Fuels Rate Concerns

RTTNews | 659 days ago
TSX Ends Sharply Lower As Stocks Fall After Inflation Data Fuels Rate Concerns

(RTTNews) - Canadian stocks tumbled on Tuesday after hotter-than-expected inflation data fueled concerns the Canadian central bank might raise interest rates.

Selling was so widespread that all the sectoral indices ended in negative territory. Healthcare, technology, utilities, materials and consumer staples shares declined sharply.

Several stocks from real estate, industrials, consumer discretionary and energy stocks also posted sharp losses.

The benchmark S&P/TSX Composite Index ended down 273.94 points or 1.34% at 20,218.89.

Data from Statistics Canada showed that the consumer price index rose 4% year over year in August, following a 3.3% increase in July. Economists had expected a 3.8% increase.

On a seasonally adjusted monthly basis, the CPI rose 0.6%, unchanged from the previous month. Core CPI, excluding food and energy, eased to 0.3% from 0.4% last month.

First Quantum Minerals (FM.TO) ended more than 6% down. Open Text Corporation (OTEX.TO), ATS Corporation (ATS.TO), Precision Drilling Corporation (PD.TO), Cargojet Inc (CJT.TO), Kinaxis Inc (KXS.TO), Colliers International (CIGI.TO), Restaurant Brands International (QSR.TO), Canadian National Railway (CNR.TO) and Premium Brands Holdings Corporation (PBH.TO) lost 2 to 4.5%.

Enghouse Systems (ENGH.TO), Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), Descartes Systems (DSG.TO), BlackBerry (BB.TO) and Lightspeed Commerce (LSPD.TO) lost 1.4 to 4%.

Methanex Corporation (MX.TO) gained about 5%. Cogeco Communications (CCA.TO) and Stelco Holdings (STLC.TO) climbed 2.25% and 2%, respectively. Bombardier Inc (BBD.B.TO) gained nearly 2%.

read more
U.S. Jobless Claims Unexpectedly Slip To 227,000

U.S. Jobless Claims Unexpectedly Slip To 227,000

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 1h 49min ago
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 3h 2min ago
Bay Street Seen Opening On Mixed Note

Bay Street Seen Opening On Mixed Note

Canadian shares may open on a slightly mixed note on Thursday tracking the trend in the commodity markets, and somewhat firm European stocks. The focus, once again, will be on trade negotiations between the U.S. and several other major nations.
RTTNews | 3h 5min ago
FTSE 100 Rises To Record High As Mining Stocks Rally

FTSE 100 Rises To Record High As Mining Stocks Rally

The UK stock market climbed to a new record high Thursday morning, lifted by strong gains in the mining sector. The undertone in major European markets is quite firm today amid optimism about a potential trade deal between the U.S. and the European Union.
RTTNews | 4h 14min ago
CAC 40 Moderately Higher On Trade Deal Hopes

CAC 40 Moderately Higher On Trade Deal Hopes

French stocks are gaining some ground in positive territory on Thursday amid rising hopes the European Union will strike a trade deal with the U.S. sometime soon.
RTTNews | 4h 48min ago
DAX Modestly Up After Hitting Fresh Record High

DAX Modestly Up After Hitting Fresh Record High

German stocks are up in positive territory on Thursday, extending gains from the previous three sessions, as investors continue to focus on US-EU trade negotiations. Data showing a drop in Germany's consumer price inflation in the month of June is aiding sentiment.
RTTNews | 5h 9min ago
Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major counterparts in the early European session on Thursday, as traders are optimistic about an end to the tariff uncertainty after U.S. President Donald Trump made it clear that he will not extend the August 1 deadline for trade deals, though he gets aggressive with tariff imposition. They are also optimistic about a potential trade deal between the U.S. and the European Union.
RTTNews | 6h 3min ago