A late rally across Canada’s main stock index on Tuesday left most markets in the green. Investors are anticipating the Bank of Canada’s next interest rate decision coming early Wednesday. In its third meeting this year, the central bank is expected to leave interest rates unchanged. Mining, industrials and telecom shares led leaders while healthcare moved lower.
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U.S. markets struggled as traders await Wednesday’s Consumer Price Index report for details on the state of inflation and potentially indicating the trajectory of interest rates. After a strong Q1 2024, markets have stepped back from record highs. This has led to a growing consensus among investors that the U.S. Federal Reserve won’t deliver the three rate cuts it had projected for the year, given how strong the U.S. economy has been. March’s CPI report is believed to hold answers on whether inflation has begun to cool.
The Canadian dollar traded for 73.69 cents compared with 73.64 cents U.S. on Monday.
U.S. crude futures traded $1.10 lower at $85.33 a barrel, and the Brent contract lost $0.87 to $89.51 a barrel.
The price of gold was up US$13.92 to US$2,352.78.
In world markets, the Nikkei was up 426.09 points to 39,773.13, the Hang Seng was up 95.22 points to 16,828.07, the FTSE was down 8.68 points to 7,934.79, and the DAX was down 242.28 points to 18,076.69.
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