It was a rough start to the week for markets on Bay Street and Wall Street on Monday, as investors braced for the start of the earnings season.
A broad decline led by the metals sector took a major bite out of Canada’s main stock index, with losses from the tech and energy sectors weakening the exchange further.
Technology shares sunk as fears grew over a potential economic slowdown in the face of looming interest rate hikes.
After China’s commercial hub, Shanghai braced for another mass testing campaign and multiple other cities adopted COVID-19 curbs, crude prices declined as fast as fear grew about supply and demand.
Big banks are due to post earnings later this week, and their results will be combed over by traders for any signs of slowing economic growth.
Today in the Markets
The Canadian dollar traded for 76.92 cents US compared to 77.19 cents US on Friday.
US crude futures traded 1.05 per cent lower at $103.70 a barrel, while the Brent contract lost 0.32 per cent to $106.70 a barrel.
The price of gold was down US$10.40 US to $1,739.90.
In world markets, the Nikkei was up 295.11 points to 26,812.30 the Hang Seng was down 601.58 points to 21,124.20, the FTSE was up 0.35 of a point to 7,196.59, and the DAX was down 182.79 points to 12,832.44.
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