After a week full of losing sessions, Canada’s main stock index managed to regain some ground on Friday. The energy sector was the only laggard while industrials led in gains.
U.S. markets rallied after the Commerce Department’s Bureau of Economic Analysis reported that the personal consumption expenditures price index rose 0.1 per cent in June after being unchanged in May. In the 12 months through June, the index climbed 2.5 per cent after rising 2.6 per cent in May. Seen as a sign that inflation is continuing to ease from its four-decade high, this fuelled hope among investors that the U.S. Federal Reserve may continue to cut interest rates.
The Canadian dollar traded for 72.28 cents U.S. compared to 72.35 cents U.S. on Thursday.
U.S. crude futures traded $1.51 lower at $76.77 a barrel, and the Brent contract lost $1.58 to $80.79 a barrel.
The price of gold was up US$22.82 to US$2,412.51.
In world markets, the Nikkei was down 202.10 points to 37,667.41, the Hang Seng was up 16.34 points to 17,021.31, the FTSE was up 99.36 points to 8,285.71, and the DAX was up 124.50 points to 18,423.22.
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(Top image: File.)