It was another tumultuous day for Canada’s main stock index, capping off a choppy trading week. Metals and mining led a wide decline followed by industrials and tech shares. The TSX sustained its biggest weekly decline so far this year, reversing the market optimism seen at the start of the year on concerns of higher rates. The energy market was a saving grace.
Hotter-than-expected US inflation data ignited new worries about the Federal Reserve keeping interest rates higher for longer. Wall Street tumbled as consumer spending and inflation rebounded sharply in January amid strong income growth, adding to fears that the Fed could continue raising interest rates through the summer.
Today in the Markets
The Canadian dollar traded for 73.48 cents US, compared to 73.83 cents US on Thursday.
US crude futures traded 1.39 per cent higher at $76.44 a barrel, and the Brent contract gained 1.25 per cent to $83.24 a barrel.
The price of gold was down 9.93 to US$1,812.63.
In world markets, the Nikkei was up 349.16 points to 27,453.48, the Hang Seng was down 341.31 points to 20,010.04, the FTSE was down 29.06 points to 7,878.66, and the DAX was down 265.95 points to 15,209.74.
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