Tuesday, June 6, 2023
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TSX pares weekly gains as investors brace for further rate hikes

By Fergal Smith

TORONTO (Reuters) – Canada’s main stock index fell on Friday, including losses in financials and technology stocks, as investors weighed U.S. and Canadian jobs data, which could Helps determine the pace of central bank rate hikes.

The Toronto Stock Exchange’s S&P/TSX Composite Index ended lower 25. 66 Points, or 0.2%, at ,., which posted its highest close in nearly six months on Thursday after the release.

For the week, the TSX rose 0.5%.

US stocks fell but recovered from their lowest levels as the November jobs report fueled expectations that the Federal Reserve would maintain its rate hike path.

Canada added that 10, 100 employment in November was broadly in line with expectations, while The unemployment rate fell to 5.1%.

The money market expects the Bank of Canada to raise interest rates 25 The base point for decision-making on Wednesday, with about 25% chance of greater volatility.

“We’re still in a mood where the market looks good.” Bad news, too, as data still suggests the Bank of Canada can still be aggressive, said Greg Taylor, portfolio manager at Purpose Investments.

Bank earnings were mixed as markets headed into the holiday season.

Canadian Imperial Bank of Commerce (CIBC) fell 0.7%, extending losses from the previous day when The company reported lower-than-expected quarterly results.

The lender said it would appeal a New York court ruling in a lawsuit against the bank by an entity of U.S. private equity firm Cerberus Capital Management.

The heavily weighted financials sector fell 0.4%, while tech pared some of its recent gains to close down 0.8%.

helped limit the index’s decline as gains of 4.9% for the healthcare sector, as cannabis’ share climbed for producers.



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