The Canadian main stock index started the trading week positively on Monday, driven by optimism surrounding potential interest-rate cuts in the United States. However, the gains on the TSX were limited due to lower crude prices and a decrease in the energy sector, as well as declines in the healthcare and telecom sectors.
Investors on Wall Street are eagerly awaiting Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole, Wyoming, scheduled for Friday, for further insights into the possibility of rate cuts. Additionally, traders will be analyzing the minutes from the Federal Reserve’s latest meeting, set to be released on Wednesday.
The Canadian dollar was trading at 73.32 cents U.S. compared to 73.06 cents U.S. on Friday. U.S. crude futures were down $2.33 at $74.32 a barrel, while the Brent contract lost $2.00 to $77.68 a barrel. The price of gold decreased by US$1.34 to US$2,504.77.
In global markets, the Nikkei decreased by 674.05 points to 37,388.62, the Hang Seng increased by 139.41 points to 17,569.57, the FTSE rose by 45.53 points to 8,356.94, and the DAX was up by 99.29 points to 18,421.69.
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(Top image generated with AI)
