Canada’s main stock index ended the last trading session of the week higher, but struggled under the weight of losses among mining, tech and utilities shares. The TSX’s top gainer was industrials, followed by the energy sector, but those gains were somewhat stifled after U.S. producer price data came out stronger than expected giving traders more grief over persistent inflation in the world’s largest economy.
The hotter-than-anticipated inflation report caused U.S. markets to split, with the Dow Jones Industrial Average logging a 0.66 per cent gain this week. The NASDAQ and S&P sustained their second consecutive losing week. The U.S. producer price index rose 0.8 per cent in the 12 months leading to July 2023, up from a 0.2 per cent gain in the previous month, as costs of services increased. Analysts had expected an increase of 0.7 per cent.
Today in the Markets
The Canadian dollar traded for 74.38 cents U.S., compared to 74.41 cents U.S. on Thursday.
U.S. crude futures traded $0.37 higher at $83.19 a barrel, and the Brent contract added $0.33 to $86.73 a barrel.
The price of gold was up US$0.43 to US$1,912.89.
In world markets, the Nikkei remained at 32,473.65, the Hang Seng was down 173.07 points to 19,075.19, the FTSE was down 94.44 points to 7,524.16, and the DAX was down 164.35 points to 15,832.17.
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