Canada’s main stock index closed in the red on Tuesday as traders digested business activity data and the possibility of another interest rate hike by the Bank of Canada. Analysts are leaning towards a 25-basis-point hike on Wednesday. The health care, industrial, and telecom sectors managed to gather some gains.
US markets moved higher despite earnings reports underwhelming audiences. This caused some stock prices to drop in a wave of sell orders, but many managed to recover by market close. It was an early batch with more high-profile reports on deck this week, and each one can help shape an understanding of what the impact of the Federal Reserve’s rate-hike spree would look like.
Today in the Markets
The Canadian dollar traded for 74.81 cents US, compared to 74.72 cents US on Monday.
US crude futures traded $1.49 lower at $80.13 a barrel, while the Brent contract lost $1.95 to $86.24 a barrel.
The price of gold was up US$5.75 to US$1,937.22.
In world markets, the Nikkei was up 393.15 points to 27,299.19, the Hang Seng remained at 22,044.65, the FTSE was down 27.31 points to 7,757.36, and the DAX was down 9.84 points to 15,093.11.
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