The decline in mining stocks on Thursday caused a setback in the growth of Canada’s primary stock index. Despite this, the optimism surrounding a potential U.S. interest rate cut next month helped mitigate the losses. Canadian National Railway and Canadian Pacific Kansas City ceased their rail operations in the country and initiated a lockout of approximately 10,000 workers following failed labor negotiations with the Teamsters union.
In the U.S. markets, there was a retreat from the recent rally as traders turned their attention to Federal Reserve Chairman Jerome Powell’s upcoming speech at the Jackson Hole Economic Symposium on Friday in search of more clarity on rate policy.
The Canadian dollar was trading at 73.51 cents U.S. compared to 73.52 cents U.S. on Wednesday. U.S. crude futures saw an increase of $1.36 to $73.29 per barrel, while the Brent contract rose $1.42 to $77.47 per barrel. The price of gold experienced a decrease of US$28.60 to US$2,484.28.
In global markets, the Nikkei rose by 259.21 points to 38,211.01, the Hang Seng increased by 249.99 points to 17,641.00, the FTSE was up by 4.57 points to 8,288.00, and the DAX rose by 44.44 points to 18,493.39.
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