Canada’s main stock index declined on Tuesday, as investor caution in the face of inflation data dampened risk appetite, offsetting the gains seen in gold prices. The latest consumer price index report stated the country’s annual inflation rate fell to 2.5 per cent in July, in-line with expectations as price pressures continue to recede.
On Wall Street, stocks remained flat after the S&P 500 and NASDAQ achieved their longest winning streaks of 2024, scoring eight consecutive positive sessions. This week, investors are preparing for the Federal Reserve’s annual Jackson Hole Economic Symposium, where Chairman Jerome Powell is set to speak on Friday. Before that, traders will be analyzing the minutes from the central bank’s July policy meeting, which are expected on Wednesday.
The Canadian dollar traded for 73.41 cents U.S. compared with 73.32 cents U.S. on Monday.
U.S. crude futures traded $0.55 lower at $73.82 a barrel, and the Brent contract lost $0.43 to $77.33 a barrel.
The price of gold was up US$9.77 to US$2,513.33.
In world markets, the Nikkei was up 674.30 points to 38,062.92, the Hang Seng was down 58.49 points to 17,511.08, the FTSE was down 83.62 points to 8,273.32, and the DAX was down 64.17 points to 18,357.52.
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(Top image generated with AI)