Futures trading in Canada’s largest centre sunk on Monday. The TSX was hurt by rate-sensitive technology shares as U.S. Treasury yields edged up, while investors anticipate inflation data this week that could offer more insight into the Bank of Canada’s outlook for interest rates.
Wall Street was on the flat side of a split, while oil prices keep rising to raise the pressure on inflation. Since early August, markets have been bouncing on uncertainty about whether the Federal Reserve is finally done with its drastic hikes to interest rates. Though higher rates have helped keep inflation from its peak last summer, they also hurt prices for stocks and other investments while slowing the economy. Traders expect the Fed to keep rates steady at its meeting this week.
The Canadian dollar traded for 74.11 cents US, compared to 73.96 cents US on Friday.
US crude futures traded $0.94 higher at $91.71 a barrel, and the Brent contract added $0.50 to $94.43 a barrel.
The price of gold was up US$10.23 to US$1,933.41.
In world markets, the Nikkei remained at 33,533.09, the Hang Seng was down 252.34 points to 17,930.55, the FTSE was down 58.44 points to 7,652.94, and the DAX was down 166.41 points to 15,727.12.
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