The Canadian stock market reached a new high on Monday as investors awaited the Federal Reserve’s upcoming monetary policy decision, with expectations of a significant interest rate cut. The industrials sector saw the highest gains on the TSX, while the telecom market was the only decliner.
In the U.S. markets, investors were mixed as they anticipated the Fed’s policy meeting, where a rate cut is projected for the first time since 2020. The Canadian dollar traded at 73.59 cents U.S., slightly up from Friday.
U.S. crude futures rose by $1.82 to $70.47 a barrel, while the Brent contract increased by $1.31 to $72.92 a barrel. The price of gold also saw an increase of US$4.08 to US$2,583.11.
Internationally, the Nikkei remained steady at 36,581.76, the Hang Seng increased by 53.03 points to 17,422.12, the FTSE rose by 5.35 points to 8,278.44, and the DAX fell by 66.29 points to 18,633.11.
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