The Canadian stock market experienced a fourth consecutive day of losses in this holiday-shortened week, with major declines seen in the mining and energy sectors. Other sectors such as financial, industrial, and tech also saw losses, while the telecom segment showed some gains. Investors were closely monitoring U.S. labor market data, which further fueled expectations of a rate cut later in the month.
Similarly, U.S. stocks also took a hit, with August data indicating a slowdown in the labor market, causing concerns on Wall Street. Nonfarm payrolls failed to meet expectations, increasing by 142,000 instead of the anticipated 161,000. Despite this, the unemployment rate declined slightly to 4.2%, meeting projections.
The Canadian dollar traded at 73.70 cents U.S., down from 74.01 cents U.S. on Thursday. U.S. crude futures also saw a decrease, with prices dropping to $68.19 a barrel, while the Brent contract dropped to $71.53 a barrel. The price of gold was down to US$2,495.96, a decrease of US$21.54.
In global markets, the Nikkei, Hang Seng, FTSE, and DAX all experienced declines, with the Nikkei down 265.62 points to 36,391.47, Hang Seng remaining at 17,444.30, FTSE down 60.24 points at 8,181.47, and DAX down 274.60 points to 18,301.90.
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