Canada’s main stock index lost more ground on Thursday. This followed the US Federal Reserve’s quarter of a percentage-point rate hike in the previous session. The tech and telecom sectors were the only indices to post gains. Traders are also tracking developments from the Bank of England rate decision and news conference.
US markets closed higher as the Fed released the latest projections on where rates are heading, with the median forecast of the federal funds rate at 5.1 per cent at the end of this year, up from its current range of 4.75 per cent to 5 per cent. The yield on the two-year Treasury sunk to 3.46 per cent from 4.13 per cent.
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The Canadian dollar traded for 72.90 cents US, compared to 72.86 cents US on Wednesday.
US crude futures traded $1.58 higher at $69.32 a barrel, and the Brent contract lost $1.37 to $75.32 a barrel.
The price of gold was up 27.99 to US$1,997.76.
In world markets, the Nikkei was down 47.00 points to 27,419.61, the Hang Seng was up 458.21 points to 20,049.64, the FTSE was down 67.24 points to 7,499.60, and the DAX was down 5.80 points to 15,210.39.
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