Canada’s main stock index tumbled in Wednesday trading, succumbing to weakness in the financial sector, which led a broad-based slump. Global sentiment is sour on concerns over slowing economic growth and rising consumer prices, with data showing hotter-than-expected domestic inflation.
After the blue-chip Dow Jones registered its third-straight day of gains in the previous session, it plummeted with the rest of the major Wall Street indices. Declines were led by led by a steep drop among retailers as Target lost a quarter of its value. Rising inflation is putting a tight squeeze on a range of businesses and could cut even deeper into profits.
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The Canadian dollar traded for cents 77.67 US compared to 77.96 cents US on Tuesday.
Crude oil prices were down 3.40 to $109.30.
The price of gold was up 5.37 to $1,820.04.
In world markets, the Nikkei was up 251.45 points to 26,911.20 the Hang Seng was up 41.76 points to 20,644.28, the FTSE was down 80.26 points to 7,438.09, and the DAX was down 178.18 points to 14,007.76.
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