It looked like another down day for markets at open, but Canada’s main stock index turned things around on Friday. Major mining stocks tracked weakness in metal prices on prospects of a tighter monetary policy, while gains in the energy sector helped limit losses. Tech led the gainers with health care close behind.
Equity futures gained ground as data showed US consumer spending fell in December 2021, suggesting the economy lost speed amid disrupted supply chains and surging COVID-19 infections, while annual inflation increased at a pace not seen since the early 1980s. Some tech outfits clocked in impressive results, while the latest reading of the Federal Reserve’s preferred gauge to measure inflation eased concerns around faster interest rate hikes.
Today in the Markets
The Canadian dollar traded for 78.40 cents US compared with 78.65 cents US on Thursday.
Crude oil prices were up 0.60 to $87.21.
The price of gold was down 14.50 to $1,782.49.
In world markets, the Nikkei was up 547.04 points to 26,717.34, the Hang Seng was down 256.92 points to 23,550.08, the FTSE was down 88.24 points to 7,466.07, and the DAX was down 205.32 points to 15,318.95.
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