Equities trading in Canada’s largest centre crossed the midway point of the week a touch higher as a divide among indices was further deepened by rising yields. An unexpected rise in domestic inflation diminished hopes of a July interest-rate cut by the Bank of Canada, but gains in materials and industrials shares kept the losses on the TSX in check.
U.S. markets stepped forward slightly as Wall Street tries to shake off a tumultuous seven day run. Traders are holding out major moves before finding out more details of new inflation data in May’s personal consumption expenditures price index coming on Friday. The Federal Reserve watches this report and if it shows that price increases are continuing to cool down, they might lower interest rates later this year.
The Canadian dollar traded for 72.97 cents U.S. compared with 73.21 cents U.S. on Tuesday.
U.S. crude futures traded $0.03 lower at $80.80 a barrel, but the Brent contract rose $0.13 to $85.14 a barrel.
The price of gold was down US$22.33 to US$2,297.95.
In world markets, the Nikkei was up 493.92 points to 39,667.07, the Hang Seng was up 17.03 points to 18,089.93, the FTSE was down 22.46 points to 8,225.33, and the DAX was down 22.38 points to 18,155.24.
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(Top image: AI-generated stock image)