Canada’s main stock index closed in the red again on Wednesday, led lower by losses in the energy and industrial sectors. Indices were split as the technology, mining, financial, and telecom sectors were the only gainers. The Bank of Canada raised its benchmark interest rate to 4.5 per cent. It’s the eighth time in less than a year that the bank has hiked its trend-setting rate, but it’s also the smallest hike since last March.
Risk appetite evaporated on Wall Street as worries persist about corporate profits following a mixed set of earnings reports and gloomy forecasts from tech giants. Energy shares rose following a report from the US Energy Information Administration, forecasting record crude oil production in the US this year.
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The Canadian dollar traded for 74.70 cents US, compared to 74.81 cents US on Tuesday.
US crude futures traded $0.42 higher at $80.55 a barrel, while the Brent contract gained $0.33 to $86.46 a barrel.
The price of gold was up US$10.70 to US$1,946.10. In world markets, the Nikkei was up 95.82 points to 27,395.01, the Hang Seng remained at 22,044.65, the FTSE was down 12.49 points to 7,744.87, and the DAX was down 11.47 points to 15,081.64.
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