It has been a seesaw for markets in recent sessions as traders debate whether the market has found a bottom in the wake of a sharp selloff. The energy sector led losses on the back of lower crude prices for Canada’s main stock index on Wednesday, with metals and mining not far behind.
Energy stocks felt the brunt of this pressure, with the likes of Baytex Energy down more than 12 per cent following news of a plan by the U.S. to cut fuel costs for drivers amid worries over a potential economic recession. Concerns remain that aggressive policy moves by central banks could trigger a global economic slowdown.
After a rally in the previous session, Wall Street markets cooled off as investor squarely focus on Federal Reserve Chair Jerome Powell’s congressional testimony for cues on interest rate hikes and the state of the economy.
Today in the Markets
The Canadian dollar traded for 77.27 cents US compared to 77.44 cents US on Tuesday.
US crude futures traded 3.92 per cent lower at $105.20 a barrel, while the Brent contract lost 3.41 per cent to $110.70 a barrel.
The price of gold was up US$6.48 US to $1,837.96.
In world markets, the Nikkei was down 96.76 points to 26,149.55 the Hang Seng was down 551.25 points to 21,008.34, the FTSE was down 62.83 points to 7,089.22, and the DAX was down 148.12 points to 13,144.28.
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