Canada’s main stock index fell in a broad decline on Wednesday. The industrial and utilities sectors were the only gainers while gold continued to perform as a strong haven. Financial, energy, and mining stocks were the biggest drags on the TSX, following Credit Suisse’s volatility revived concerns of a banking crisis.
Shares in Swiss banking giant Credit Suisse hit a new low. Following the collapse of Silicon Valley Bank last week, fears that other banks could also be facing problems were raised. The big four trillion-dollar US banks suffered after Tuesday’s rally. Traders had one sliver of good news, a Labor Department report said that US wholesale inflation dropped unexpectedly in February.
Today in the Markets
The Canadian dollar traded for 72.66 cents US, compared to 73.04 cents US on Tuesday.
US crude futures traded $2.85 lower at $68.48 a barrel, and the Brent contract lost $2.80 to $74.65 a barrel.
The price of gold was up 14.55 to US$1,918.13.
In world markets, the Nikkei was up 7.44 points to 27,229.48, the Hang Seng was up 291.91 points to 19,539.87, the FTSE was down 248.15 points to 7,388.96, and the DAX was down 430.72 points to 14,802.11.
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