On Tuesday, Canada’s main stock index struggled to stay afloat. Gains in the energy sector were offset by declines in the tech market, leaving the TSX lower by close. Investors are now focusing on the upcoming domestic employment data, set to be released this Friday, to assess the health of the Canadian economy and the potential interest rate decisions by the Bank of Canada. There is currently a nearly 70 per cent chance of a 25-basis-point rate cut being anticipated by traders.
Meanwhile, US indices fell as investors prepared for new economic data. Stocks were pressured by rising bond yields. The latest report on American services industries revealed concerning inflation trends, with price increases having accelerated in December.
The Canadian dollar traded for 69.65 cents US compared to 69.70 cents US on Monday.
US crude futures traded $0.68 higher at US$74.24 a barrel, and the Brent contract rose $0.74 to US$77.04 a barrel.
The price of gold was up US$11.93 to US$2,650.17.
In world markets, the Nikkei was up 776.25 points to 40,083.30, the Hang Seng was down 240.71 points to 19,447.58, the FTSE was down 4.38 points to 8,245.28, and the DAX was up 124.38 points to 20,340.57.
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(Top image generated with AI.)