After rallying to record-high levels this month on domestic and U.S. interest-rate cuts, Canada’s main stock index fell on Wednesday. A drop in the energy sector was the chief contributor to this breather for the TSX, while the mining, industrials and tech sectors also saw a drop. Economists also point to worries that China’s stimulus might not be enough to boost domestic demand.
U.S. markets underperformed, though all three major averages are still on track for a positive September, and fears of a slowing economy still linger after last week’s rate cut from the Federal Reserve.
The Canadian dollar traded for 74.16 cents U.S. compared with 74.42 cents U.S. on Tuesday.
U.S. crude futures traded $1.74 lower at $69.82 a barrel, and the Brent contract lost $1.57 to $73.60 a barrel.
The price of gold was up US$0.96 to US$ 2,659.04.
In world markets, the Nikkei was down 70.33 points to 37,870.26, the Hang Seng was up 128.54 points to 19,129.10, the FTSE was down 14.06 points to 8,268.70, and the DAX was down 78.13 points to 18,918.50.
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(Top image generated with AI)