The Canadian main stock index closed positively on the last trading day prior to the long weekend, despite facing losses in heavyweight sectors. Initially beginning lower, the TSX saw gains from financial, telecom, and healthcare indices which led to a late rally pushing markets higher. In economic news, Statistics Canada reported a 0.5% increase in the country’s GDP in Q2, following a 0.4% rise in Q1.
U.S. markets closed higher as traders closely monitored inflation data important to the Federal Reserve, with hopes for a rate cut in the upcoming month.
The Canadian dollar traded at 74.19 cents U.S. compared to 74.16 cents U.S. on the previous day. U.S. crude futures dropped $2.29 to $73.62 a barrel, while the Brent contract decreased by $1.14 to $78.80 a barrel. Gold prices also declined, with a decrease of US$19.63 to US$2,502.39.
In global markets, the Nikkei rose by 285.22 points to 38,647.75, the Hang Seng increased by 202.75 points to 17,989.07, the FTSE decreased by 3.01 points to 8,376.63, and the DAX dropped by 4.91 points to 18,907.66.
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