After a rough start, Canada’s main stock index grew on Thursday as crude oil gains offset investor anxiety around a key U.S. inflation report that could chart-out the Federal Reserve’s interest-rate path. Energy and tech led in gains while a drop in mining and telecom shares offset growth.
U.S. markets barely moved as a mix of quarterly earnings reports left traders uncertain. Investors are looking forward to the latest inflation data, which will be released on Friday in the form of May’s personal consumption expenditures price index. This data is expected to show reduced pricing pressures, potentially increasing the chances that the Fed will cut interest rates later this year.
The Canadian dollar traded for 73.03 cents U.S. compared with 72.97 cents U.S. on Wednesday.
U.S. crude futures traded $1.05 higher at $81.95 a barrel, and the Brent contract rose $1.24 to $86.49 a barrel.
The price of gold was up US$28.56 to US$2,326.95.
In world markets, the Nikkei was down 325.53 points to 39,341.54, the Hang Seng was down 373.46 points to 17,716.47, the FTSE was down 45.65 points to 8,179.68, but the DAX was up 55.31 points to 18,210.55.
(Top photo: AI-generated stock image)