Mining stocks fell on Thursday, hindering the growth of Canada’s main stock index. However, optimism about a potential U.S. rate cut next month helped limit the losses. Canadian National Railway (TSX:CNR) and Canadian Pacific Kansas City (TSX:CP)halted their rail operations in the country and locked out around 10,000 workers after labour negotiations with the Teamsters union broke down.
Meanwhile, U.S. markets retreated from their recent rally. Traders are now focusing on Fed Chairman Jerome Powell’s anticipated speech at the Jackson Hole Economic Symposium on Friday, seeking more clarity on rate policy.
The Canadian dollar traded for 73.51 cents U.S. compared with 73.52 cents U.S. on Wednesday.
U.S. crude futures traded $1.36 higher at $73.29 a barrel, and the Brent contract rose $1.42 to $77.47 a barrel.
The price of gold was down US$28.60 to US$2,484.28.
In world markets, the Nikkei was up 259.21 points to 38,211.01, the Hang Seng was up 249.99 points to 17,641.00, the FTSE was up 4.57 points to 8,288.00, and the DAX was up 44.44 points to 18,493.39.
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(Top photo: file)