S&P/TSX composite up nearly 300 points, U.S. markets also up | Globalnews.ca
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Canada’s principal inventory index closed up virtually 300 factors Monday forward of Statistics Canada releasing its newest inflation knowledge on Wednesday, whereas U.S. markets have been additionally up.
The S&P/TSX composite index was up 294.67 factors at 18,621.02.
In New York, the Dow Jones industrial common was up 550.99 factors at 30,185.82. The S&P 500 index was up 94.88 factors at 3,677.95, whereas the Nasdaq composite was up 354.41 factors at 10,675.80.
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S&P/TSX composite down almost 300 factors, U.S. inventory markets additionally commerce decrease
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S&P/TSX composite down almost 300 factors, U.S. inventory markets additionally commerce decrease
“We’re seeing a rally to kick off the week as we see some stabilization within the bond market,” stated Angelo Kourkafas, an funding strategist at Edward Jones. “Bond yields are barely decrease, we have now seen the U.S. greenback pull again towards different main currencies.”
The Canadian greenback traded for 72.83 cents US in contrast with 72.17 cents US on Friday.
Information that the British authorities pulled a reversal on its suite of tax cuts helped the pound rebound, he stated.
“That was the catalyst for some optimistic sentiment globally,” stated Kourkafas.
Earnings from the Financial institution of America have been higher than anticipated, Kourkafas famous, as third-quarter earnings season kicks off.
“To this point there may be the theme of resiliency in company income, as on the similar time, expectations have been lowered heading into the incomes season,” he stated. “The truth that we have now low expectations and outcomes thus far appear to be OK regardless of the very difficult financial backdrop, that’s offering some reduction.”
For earnings season in Canada, “buyers are going to be outcomes from Canadian banks to gauge the well being of the financial system and the shoppers,” he stated.
Canadian inflation knowledge for September is popping out on Wednesday. Although latest U.S. inflation was hotter than buyers had hoped, if the Canadian inflation numbers present indicators of slowing which will imply a smaller-than-anticipated fee hike from the Financial institution of Canada, stated Kourkafas.
Nevertheless, he stated a 75-point hike continues to be very a lot an possibility, relying on the inflation knowledge and different elements.
The Financial institution of Canada enterprise and client surveys that got here out Monday have been according to the concept the central financial institution will not be performed elevating charges, stated Kourkafas.
“In our view, we’re getting nearer to the top of the tightening marketing campaign for the Financial institution of Canada than the start.”
The December crude oil contract was down 12 cents at US$84.53 per barrel and the November pure gasoline contract was down 45 cents at US$6 per mmBTU.
The December gold contract was up US$15.10 at US$1,664 an oz and the December copper contract was down almost a penny at US$3.42 a pound.
© 2022 The Canadian Press
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