A drop in oil and gold prices hit commodity stocks, impacting Canada’s main stock index on Wednesday, while data showed inflation accelerated again in June but not as sharply as expected.
Mainly on rising gasoline prices, data showed the country’s annual inflation rate accelerated to 8.1 per cent last month, up from 7.7 per cent in May. This was slightly below market expectations and eased fears of another aggressive move from the central bank.
Wall Street indexes were also turbulent after sharp gains in the previous session, as investors digested earnings reports from companies for any impression of surging inflation on business growth. Uncertainties continue to stem from the conflict in Ukraine, which also weighed on sentiment as Washington said it saw signs Moscow was preparing to formally annex territory it has seized during nearly five months of war.
Today in the Markets
The Canadian dollar traded for 77.64 cents US compared to 77.68 cents US on Tuesday.
US crude futures traded 1.54 per cent lower at $102.60 a barrel, while the Brent contract lost 0.57 of a per cent to $106.70 a barrel.
The price of gold was down US$16.01 to US$1,694.59.
In world markets, the Nikkei was up 718.58 to 27,680.26, the Hang Seng was up 229.16 points to 20,890.22, the FTSE was down 33.09 points to 7,263.19, and the DAX was down 26.43 points to 13,281.98.
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