Kept afloat by the heavyweight indices, Canada’s main stock index began the week strong. Tracking a rebound in global equities from a selloff in the previous week, the mining sector led growth on the TSX followed by industrial, energy, and financial stocks.
Markets on Wall Street also climbed as traders gathered beaten-up shares after the main benchmarks suffered their worst weekly selloff this year. Fears that a strong domestic economy and high inflation will give the Federal Reserve more room to raise rates have weighed on the markets. US Treasury yields slipped after a solid rally, lifting rate-sensitive growth stocks, and adding some hope that rates would stabilize.
Today in the Markets
The Canadian dollar traded for 73.67 cents US, compared to 73.48 cents US on Friday.
US crude futures traded $1.17 lower at $75.15 a barrel, and the Brent contract lost $1.30 to $81.86 a barrel.
The price of gold was up 7.17 to US$1,819.03.
In world markets, the Nikkei was down 29.52 points to 27,423.96, the Hang Seng was down 66.53 points to 19,943.51, the FTSE was up 56.45 points to 7,935.11, and the DAX was up 171.69 points to 15,381.43.
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