Canada’s primary stock index reached a new high on Friday due to the uptick in metal prices. Investors are eagerly awaiting the monetary policy decision of the Bank of Canada scheduled for next week. Following this week’s unexpectedly low inflation figures, traders are speculating on the possibility of a larger interest rate cut than usual. Such a cut has the potential to significantly boost the domestic economy since the annual inflation rate has dipped below the central bank’s 2 percent target. The mining sector experienced the most significant growth on the TSX, while industrials saw the most significant decline.
In the United States, markets saw gains with the Dow Jones reaching a new record high and the S&P nearing a new peak. The three major indices recorded their sixth consecutive week of gains, buoyed by strong earnings from Netflix. The streaming giant exceeded Q3 expectations and reported a 35 percent increase in ad-tier memberships compared to the previous quarter.
The Canadian dollar traded at 72.41 cents U.S. as opposed to 72.46 cents U.S. on Thursday. U.S. crude futures dropped $1.41 to $69.26 per barrel, while the Brent contract declined $1.36 to $73.09 per barrel. Gold prices rose by US$26.05 to US$2,719.81.
In global markets, the Nikkei increased by 70.56 points to 38,981.75, the Hang Seng rose by 725.01 points to 20,804.11, the FTSE dropped by 26.88 points to 8,358.25, and the DAX climbed by 73.98 points to 19,657.37.
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