The Canadian main stock index experienced a decline on Tuesday due to investor caution in response to inflation data, which tempered risk appetite despite increases in gold prices. The latest consumer price index report revealed that the country’s annual inflation rate dropped to 2.5 per cent in July, aligning with expectations as price pressures continued to diminish.
Meanwhile, Wall Street saw relatively steady trading as the S&P 500 and NASDAQ maintained their longest winning streaks of 2024, with eight consecutive positive sessions. Market participants are eagerly anticipating the Federal Reserve’s annual Jackson Hole Economic Symposium, scheduled for this week, where Chair Jerome Powell is expected to deliver a speech on Friday. Prior to that, traders will be closely analyzing the minutes from the central bank’s July policy meeting, which are anticipated to be released on Wednesday.
The Canadian dollar was trading at 73.41 cents U.S., compared to 73.32 cents U.S. on Monday. U.S. crude futures were $0.55 lower at $73.82 a barrel, while the Brent contract declined by $0.43 to $77.33 a barrel. Gold prices saw an increase of US$9.77 to US$2,513.33.
In global markets, the Nikkei rose by 674.30 points to 38,062.92, the Hang Seng fell by 58.49 points to 17,511.08, the FTSE declined by 83.62 points to 8,273.32, and the DAX dropped by 64.17 points to 18,357.52.
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