TSX Ends Sharply Lower

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(RTTNews) - The Canadian market ended sharply lower on Thursday on widespread selling amid rising concerns about U.S. interest rates.

Mirroring all-round selling, all the sectoral indices closed in negative territory. Healthcare, communications, financials and materials shares declined sharply.

Several stocks from consumer and industrials sectors too posted sharp losses.

The benchmark S&P/TSX Composite Index ended with a loss of 259.81 points or 1.28% at 20,086.72, slightly above the day's low of 20,063.92. After opening marginally up, the index advanced to 20,441.02 in early trades, before drifting lower.

Hut 8 Mining Corp (HUT.TO) dropped nearly 14% on huge volumes. Among the other stocks that went down on large volumes, Lunding Mining Corporation (LUN.TO) ended nearly 7%, Canadian Imperial Bank of Commerce (CM.TO) ended 4.2% down, Baytex Energy (BTE.TO) lost 3.7%, and Teck Resources (TECK.B.TO) lost 3.1%.

Manulife Financial Corporation (MFC.TO), TC Energy Corporation (TC.TO), Bank of Nova Scotia (BNS.TO), Toronto-Dominion Bank (TD.TO), Shopify Inc (SHOP.TO) and Royal Bank of Canada (RY.TO) lost 1 to 2.3%.

Maple Leaf Foods Inc (MFI.TO) shares tanked 14% on weak results. The company reported fourth-quarter net loss of $41.5 million, or $0.34 per share, compare with net income of $1.9 million, of $0.02 per share in the year-ago quarter.

Shawcor (SCL.TO) plunged 19.9%. Linamar Corporation (LNR.TO) ended 13.7% down, First Quantum Minerals (FM.TO) lost about 8.4%, Premium Brands Holding Corporation (PBH.TO) drifted down more than 5%, and Canadian Imperial Bank of Commerce (CM.TO) lost 4.1%.

Endeavour Mining Inc (EDV.TO) ended 3.4% down after the company reported net loss of $256 million of $1.04 per share for the quarter ended December 31, 2022, compared with net loss of $87 million or $0.35 per share in the year-ago quarter.

Magnet Forensics (MAGT.TO) reported net income of $4.2 million for the fourth quarter of 2022, up from $0.8 million in the corresponding quarter of the previous year. The stock ended modestly higher.

Docebo Inc (DCBO.TO) gained nearly 3%. The company posted adjusted net income of $3.4 million in the fourth quarter of 2022, compared with adjusted net loss of $0.5 million in the fourth quarter of the previous year.

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

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Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

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Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

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Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

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European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

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TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

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U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

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Eurozone Investor Confidence Strongest In A Year: Sentix

Euro area investor morale rose to the highest level in a year in June, driven by the economic recovery in Germany, survey data from the behavioral research institute Sentix showed Tuesday. The investor sentiment index rose to +0.2 in June from -8.1 in May. This was the highest reading since June 2024 and remained well above economists' forecast of -6.0.

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EURUSD	1.14214	GBPUSD	1.34971	AUDUSD	0.65215
USDJPY	144.897	USDCAD	1.36772	USDCHF	0.82287

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TSX Ends Sharply Lower