Canada’s main stock index rose on Wednesday, helped by a redemption in technology shares after a sour performance in the previous session. Traders assessed US inflation data, and the Bank of Canada’s policy move to cut its key interest rate by 50 basis points to 3.25 per cent. The utilities sector was the biggest drag on the TSX, followed by telecom shares.
US markets were split as investors assessed the latest consumer price index data for November, which showed a 0.3 per cent month-over-month increase in inflation, with grocery prices still rising. Next up: The producer price index report due later in the week. These are among the final significant economic data releases expected before the Federal Reserve’s policy meeting next week.
The Canadian dollar traded for 70.61 cents US compared to 70.55 cents US on Tuesday.
US crude futures traded US$1.76 higher at US$70.35 a barrel, and the Brent contract rose US$1.41 to US$73.60 a barrel.
The price of gold was up US$23.65 to US$2,717.68.
In world markets, the Nikkei was up 4.65 points to 39,372.23, the Hang Seng was down 156.23 points to 20,155.05, the FTSE was up 21.26 points to 8,301.62, and the DAX was up 70.00 points to 20,399.16.
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.)