Canadian Shares Down Sharply On Growth Worries, Interest Rate Jitters

RTTNews | 891天前
Canadian Shares Down Sharply On Growth Worries, Interest Rate Jitters

(RTTNews) - The Canadian market is down sharply on Thursday with traders going on a selling spree across the board as hawkish remarks from the Federal Reserve, and rising concerns about global economic growth due to surging interest rates weigh on sentiment.

The Fed, the Bank of England, the European Central Bank, and the Swiss National Bank, have all raised their interest rates, and most of these central banks have said further increases are likely as inflation remains at elevated levels.

Mirroring all-round selling, all the sectoral indices are down in the red. The Financials Capped Index, which has suffered the least damage, is down as much as 1.21%.

The Energy, Materials, Healthcare, Information Technology and Industrials indices are down 2 to 3%.

The benchmark S&P/TSX Composite Index is down 357.53 points or 1.8% at 19,534.12 a few minutes before noon.

Ivanhoe Mines (IVN.TO) and Canopy Growth Corporation (WEED.TO) are plunging 9.7% and 8.3%, respectively, on huge volumes.

First Quantum Minerals (FM.TO), B2Gold Corp (BTO.TO), Crescent Point Energy (CPG.TO), Canadian Natural Resources (CNQ.TO), Shopify Inc (SHOP.TO) and Algonquin Power & Utilities Corp (AQN.TO) are down 3 to 6% on strong volumes.

Precision Drilling Corp (PD.TO), Cenovus Energy (CVE.TO), Kinaxis Inc (KXS.TO), Franco-Nevada Corporation (FNV.TO), West Fraser Timber (WFG.TO), Canadian National Railway (CNR.TO) and WSP Global (WSP.TO) are down 2 to 4%.

Filo Mining (FIL.TO), Boralex (BLX.TO), Docebo Inc (DCBO.TO) and Rogers Communications (RCI.A.TO) are up in positive territory with notable gains.

In economic news, a report from the Canada Mortgage and Housing Corporation showed housing starts in Canada edged down 0.2% over a month earlier to 264,159 units in November of 2022, above market expectations of 255,000 units.

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 | 1天前
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 | 1天前
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 | 1天前
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 | 1天前
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 | 1天前
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天前
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天前
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天前