Following a surge to record-high levels earlier this month driven by domestic and U.S. interest-rate cuts, Canada’s main stock index experienced a decline on Wednesday. The energy sector’s downturn was the primary factor contributing to this pause for the TSX, with decreases also seen in the mining, industrials, and tech sectors. Economists have expressed concerns that China’s stimulus measures may not be sufficient to boost domestic demand.
In the U.S., market performance was weaker, although all three major averages are still set to end September on a positive note. Lingering worries about a slowing economy persist following the Federal Reserve’s rate cut last week.
The Canadian dollar was trading at 74.16 cents U.S. compared to 74.42 cents U.S. on Tuesday.
In the commodities market, U.S. crude futures saw a $1.74 decrease to $69.82 a barrel, while the Brent contract dropped $1.57 to $73.60 a barrel. The price of gold rose by US$0.96 to US$2,659.04.
On the global front, the Nikkei fell by 70.33 points to 37,870.26, the Hang Seng rose by 128.54 points to 19,129.10, the FTSE declined by 14.06 points to 8,268.70, and the DAX fell by 78.13 points to 18,918.50.
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For more details, you can read the article “The Bell: TSX rally takes a pause” on The Market Online Canada’s website.
