Canada’s main stock index descended as the price of oil fell and losses in the energy sector weighed on the Toronto market. Investors shrugged off potential impact from an oversized rate hike by the Bank of Canada on Wednesday and took stock of commentary from the central bank hinting at an end to its monetary policy tightening. The central bank cited growth and tight labour markets for the latest hike, having raised rates at a record pace of 400 basis points in nine months.
Meanwhile, south of the border U.S. stocks were red in a choppy trading session, extending a downtrend that started the week as traders come to grips with higher interest rates and the prospect of an economic downturn. Warnings of a looming recession from major Wall Street bankers doused any optimism around China relaxing its strict zero-COVID rules.
Today in the Markets
The Canadian dollar traded for 73.23 cents US, compared to 73.24 cents US on Tuesday.
US crude futures traded $2.08 lower at $72.17 a barrel, while the Brent contract lost $2.12 to $77.23 a barrel.
The price of gold was up US$15.92 to US$1,787.08
In world markets, the Nikkei was down 199.47 points to 27,686.40, the Hang Seng was down 626.36 points to 18,814.82, the FTSE was down 32.20 points to 7,489.19, and the DAX was down 82.00 points to 14,261.19.
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