Canada’s main stock index climbed on Thursday, reaching levels not seen since the final days of July, driven by growth in crude oil and metal prices. The mining sector was the top gainer on the TSX, followed by industrials. Statistics Canada reported that wholesale trade fell by 0.6 per cent to C$82.4 billion in June, with motor vehicle sales dropping to 168,000 last month from 184,700 in the previous month. This follows softer U.S. inflation data released a day earlier, which bolstered expectations of a rate cut by the Federal Reserve next month.
Sponsored by
In the United States, stocks advanced, mirroring investor confidence around continued signs of easing inflation. This week’s encouraging inflation data has largely dispelled fears of a recession and sparked a rebound in equities after last week’s sharp global selloff.
The Canadian dollar traded for 72.81 cents U.S. compared with 72.91 cents U.S. on Wednesday.
U.S. crude futures traded $0.95 higher at $77.93 a barrel, and the Brent contract rose $1.10 to $80.86 a barrel.
The price of gold was up US$5.80 to US$2,455.36.
In world markets, the Nikkei was up 284.21 points to 36,726.64, the Hang Seng was down 4.22 points to 17,109.14, the FTSE was up 66.30 points to 8,347.35, and the DAX was up 297.64 points to 18,183.24.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image generated with AI)