Energy stocks slid on lower crude oil prices on Wednesday, but Canada’s resource-heavy main stock index closed in positive territory. The Bank of Canada delivered another supersized but expected 75-basis-point rate hike.
Markets on both sides of the border have sustained an equities selloff that began in August following moves from the U.S. Federal Reserve, which continued this week in the face of signs of an economic slowdown in Europe and China, as well as actions by major central banks to stamp out inflation. However, recent data highlighted strength in U.S. economy, pushing growth stocks higher.
The tech-heavy NASDAQ led gains on Wall Street after a seven-session losing streak that was its first since November 2016.
Today in the Markets
The Canadian dollar traded for 76.11 cents US compared to 76.05 cents US on Tuesday.
US crude futures traded 5.79 per cent lower at $81.85 a barrel, while the Brent contract lost 5.26 per cent to $87.95 a barrel.
The price of gold was up US$11.36 to US$1,714.85.
In world markets, the Nikkei was down 196.21 points to 27,430.30, the Hang Seng was down 158.43 points to 19,044.30, the FTSE was down 38.69 points to 7,261.75, and the DAX was up 44.53 points to 12,915.97.
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