From opening in the negative to a triple-digit close in the green, Canada’s main stock index was a roller coaster on Friday. Slower-than-expected economic Q1 growth reset interest rate cut bets. Stats Canada reported on Friday that the country’s GDP in March increased only 0.4 per cent in Q1 after posting no change in Q4 2023. The Bank of Canada is expected to initiate interest rate cuts in its June 5 monetary policy meeting and expect another rate cut in September.
U.S. markets were all over the place as traders also reacted to the latest corporate earnings results while the latest reading on inflation came down in line with what was expected.
The Canadian dollar traded for 73.37 cents U.S. compared with 73.17 cents U.S. on Thursday.
U.S. crude futures traded $0.62 lower at $77.29 a barrel, and the Brent contract lost $0.28 to $81.58 a barrel.
The price of gold was down US$18.60 to US$2,325.33.
In world markets, the Nikkei was up 433.77 points to 38,487.90, the Hang Seng was down 150.58 points to 18,079.61, the FTSE was up 44.33 points to 8,275.38, and the DAX was up 1.15 point to 18,497.94.
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(Top photo: File)