Canada’s main stock index closed out the week in the red on Friday in a broad decline. Energy and miners led the selloff among sectors as reduced demand saw commodities dropped while concerns are rising around global rate hikes. Health Care was one of the better performers.
Investors on Wall Street continue to stress over a looming economic downturn if the U.S. Federal Reserve’s policy moves get too aggressive to quell price pressures and starts affecting their bottom line. Markets closed lower and the blue-chip Dow Jones hit its weakest point of the year.
Europe’s Stoxx 600 Index entered bear market territory. The European equity benchmark sank 2.3 per cent, to the lowest level since December 2020. It is the last major regional index to cross into a bear market after the German DAX and the Euro Stoxx 50.
Today in the Markets
The Canadian dollar traded for 73.62 cents US compared to 74.13 cents US on Thursday.
US crude futures traded 5.29 per cent lower at $79.07 a barrel, while the Brent contract lost 4.00 per cent to $86.46 a barrel.
The price of gold was down US28.64 to US$1,644.21.
In world markets, the Nikkei was down 159.30 points to 27,153.83, the Hang Seng was down 214.68 points to 17,933.27, the FTSE was down 143.90 points to 7,166.37, and the DAX was down 247.44 points to 12,284.19.
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