The Canadian stock market experienced gains on Thursday, reaching levels not seen since the end of July. This growth was driven by an increase in crude oil and metal prices. The mining sector on the TSX saw the most growth, followed by industrials. Statistics Canada reported a 0.6% decrease in wholesale trade to C$82.4 billion in June, with motor vehicle sales declining to 168,000 from 184,700 in the previous month. This decline was influenced by softer U.S. inflation data released earlier, leading to expectations of a rate cut by the Federal Reserve next month.
In the United States, stocks also rose due to investor confidence in easing inflation. Positive inflation data this week has calmed recession fears and resulted in a rebound in equities following a global selloff last week.
The Canadian dollar traded at 72.81 cents U.S., while U.S. crude futures increased by $0.95 to $77.93 a barrel, and the Brent contract rose by $1.10 to $80.86 a barrel. Gold prices also saw an increase of US$5.80, reaching US$2,455.36.
In global markets, the Nikkei rose by 284.21 points to 36,726.64, the Hang Seng fell by 4.22 points to 17,109.14, the FTSE increased by 66.30 points to 8,347.35, and the DAX was up by 297.64 points to 18,183.24.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as investment advice. For full disclaimer information, please visit https://themarketonline.ca/the-bell-tsx-hits-two-week-high-2024-08-15/.
