Mounting losses throughout the day weighed on Canada’s main stock index on Wednesday. The tech sector led losses, followed by mining, telecom, health care, and financials.
U.S. stock-index futures also fell as robust corporate earnings were overshadowed by concerns over the Federal Reserve’s aggressive rate-hike plans.
Even with inflation near four-decade high, American consumers remain mostly resilient as their spending accounts for nearly 70 per cent of economic activity.
The Commerce Department reported that retail purchases were flat in July after having risen 0.8 per cent in June.
As persistently high inflation and rising interest rates forced many households to spend more cautiously, the pace of sales at U.S. retailers was unchanged last month.
Today in the Markets
The Canadian dollar traded for 77.52 cents US compared to 77.83 cents US on Tuesday.
US crude futures traded 1.42 per cent higher at $87.76 a barrel, while the Brent contract gained 1.06 per cent to $93.32 a barrel.
The price of gold was down US$8.41 to US$1,767.24.
In world markets, the Nikkei was up 353.86 points to 29,222.77, the Hang Seng was up 91.93 points to 19,922.45, the FTSE was down 20.31 points to 7,515.75, and the DAX was down 283.41 points to 13,626.71.
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