Canada’s main stock index edged higher on Tuesday, defying any declines on Wall Street, as markets cooled off following a strong rally the day before, which had been driven by a temporary easing in US-China trade tensions. Investors also turned their attention to key US inflation data.
US markets retreated after Monday’s surge. The Consumer Price Index, which tracks the overall cost of goods and services across the US economy, rose by 2.3 per cent year-over-year in April. This was slightly below the 2.4 per cent increase anticipated by economists surveyed by Dow Jones. Core inflation, which excludes volatile food and energy prices, remained steady at an annual rate of 2.8 per cent, aligning with expectations and unchanged from the previous month.
The Canadian dollar traded for 71.76 cents US compared to 71.52 cents US on Monday.
US crude futures traded US$1.72 higher at US$63.67 a barrel, and the Brent contract rose US$1.60 to US$66.56 a barrel.
The price of gold was up US$27.33 to US$3,253.45.
In world markets, the Nikkei was up 539.00 points to ¥38,183.26, the Hang Seng was down 441.19 points to HK$23,108.27, the FTSE was down 2.06 points to ₤8,602.92, and the DAX was up 72.02 points to €23,638.56.
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