Investing.com
Published Aug 16, 2022 11:07
By Ketki Saxena
Investing.com – At 11:05 a.m in Toronto, the S&P/TSX Composite Index was at 20,204.69 points, up 0.12% in the day’s trading.
After eking out a gain yesterday despite heavy losses in commodities, the S&P/TSX composite index opened positive this morning as investors bought the dip in energy stocks, and as an easing domestic CPI reading helped moderate rate-hike expectations from the Bank of Canada.
Although an outsized rate hike remains on the cards for September, it is unlikely to be a repeat of the BoC’s all-in 100 bps move in July.
Market sentiment was also supported by today’s release of the BofA’s new global fund manager survey, which shows an improvement from an “apocalyptically bearish” mood in July.
However, recession expectations remain at the highest level since May 2020 and continued to keep markets on edge, pressuring the Nasdaq and S&P500, while stronger than expected retail earnings helped lift the Dow.
Top gainers:
Top losers:
Canada's inflation rate fell to 7.6 percent in July, according to a report from Statistics Canada, easing down from June’s 39-year high of 8.1 percent, and marking the first monthly decrease for the first time in 12 months. The decrease was largely driven by a moderation in gasoline prices.
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.