Base metals losses helped lead Canada’s main stock index lower in Wednesday trading. The energy, industrials, and telecom sectors managed to score some gains. The Bank of Canada released minutes from its January policy meeting, where it raised interest rates by 25 basis points. The bank’s Governor, Tiff Macklem, said no further interest rate hikes would be needed if the economy stalls and inflation comes down as expected.
U.S. stock markets also fell as investors took stock of comments from Federal Reserve Chair Jerome Powell on how long it may take to control inflation. Traders worry that the central bank will keep hiking interest rates this year, with analysts betting the benchmark rate could rise above 5 per cent in May and peak at 5.18 per cent in July.
Today in the Markets
The Canadian dollar traded for 74.40 cents US, compared to 74.60 cents US on Tuesday.
US crude futures traded $1.32 higher at $78.46 a barrel, while the Brent contract gained $1.41 to $85.10 a barrel.
The price of gold was up US2.11 to US$1,875.23 per ounce.
In world markets, the Nikkei was down 79.01 points to 27,606.46, the Hang Seng was down 15.18 points to 21,283.52, the FTSE was up 20.46 points to 7,885.17, and the DAX was up 91.17 points to 15,412.05.
Get @ the Bell delivered to your email inbox every day!
DISCLAIMER: By viewing any material on or distributed by The Market Herald Publishing Ltd. and its Information Providers you agree to both the following disclaimer, and the full disclaimer that can be viewed here.
Any holdings, theories, speculation or trades appearing anywhere on The Market Herald network of websites should not be relied upon for purposes of transacting securities or other investments, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. This applies to any material regardless of source, placement, presentation or reproduction. Any Information Providers to The Market Herald or employees of The Market Herald may from time to time have positions in the stocks or other entities mentioned anywhere on The Market Herald Network of websites. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. The Market Herald and its contributors makes no guarantee as to the validity of any information, speculation, theories or research presented herein whether pertaining to the past, present or future. The Service and The Materials are provided by The Market Herald and other Information Providers on an “as is” basis, and The Market Herald and other Information Providers expressly disclaim any and all warranties, express or implied, including, without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the service or any materials and products. In no event shall The Market Herald and other Information Providers be liable for any direct, indirect, incidental, punitive, or consequential damages of any kind whatsoever with respect to The Service, The Materials, and The Products.