Canada’s main stock index traded gains and losses on Thursday before settling in negative territory thanks to volatility in oil and metal prices. Traders are pricing in the possibility of more rate cuts by the Bank of Canada after the central bank eased its policy for the second time this year on Wednesday. Japan’s Nikkei 225 Stock Average slipped into a technical correction, its biggest drop in three years, as a tech rally that was driven by AI reversed and worries increased about a potential interest rate hike by the Bank of Japan.
U.S. markets were split as investors assessed a Q2 GDP report that showed the economy grow 2.8 per cent, and much more than the 2.1 per cent expected.
The Canadian dollar traded for 72.35 cents U.S. compared with 72.42 cents U.S. on Wednesday.
U.S. crude futures traded $0.61 higher at $78.20 a barrel, and the Brent contract rose $0.59 to $82.30 a barrel.
The price of gold was down US$36.39 to US$2,362.28.
In world markets, the Nikkei was down 1,285.34 points to 37,869.51, the Hang Seng was down 306.08 points to 17,004.97, the FTSE was up 32.66 points to 8,186.35, and the DAX was down 88.74 points to 18,298.72.
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(Top image: File.)