Concerns over an aggressive policy tightening path by central banks weighed on global sentiment, Friday.
Canada’s main stock index ended the week lower after news the economy lost jobs for the second month in a row in July, but analysts predict that this would not stop the Bank of Canada from hiking interest rates.
TWhile the tech, telecom, and utilities indices moved lower, the heavyweight energy, mining, financial, and industrial sectors rose higher, along with healthcare.
Technology stocks bore the brunt of the selloff on Wall Street, after a sizeable jobs report supported the case for the Federal Reserve to proceed with interest rate hikes. Last month, U.S. employers hired far more workers than expected the 19th straight month of payrolls expansion. The unemployment rate falling to a pre-pandemic low of 3.5 per cent.
Today in the Markets
The Canadian dollar traded for 77.31 cents US compared to 77.76 cents US on Thursday.
US crude futures traded 0.41 per cent lower at $88.18 a barrel, while the Brent contract gained 0.01 per cent to $94.13 a barrel.
The price of gold was down US$16.20 to US$1,790.70.
In world markets, the Nikkei was up 243.67 points to 28,175.87, the Hang Seng was up 27.90 points to 20,201.94, the FTSE was down 8.43 points to 7,535.31, and the DAX was down 88.75 points to 13,573.93.
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