Friday, September 29, 2023

Canada’s S&P/TSX Composite Index is steady

Canada’s S&P/TSX Composite Index saw limited moves on Tuesday, with gains in the energy sector but losses in the healthcare and interest rates sectors. At 10:47 a.m. ET, the index was up 0.01% at 20,185.43.
The energy sector posted a 1.6% increase, driven by a 1.9% increase in U.S. crude oil prices per barrel, while Brent crude rose 1.6%. The Organization of the Petroleum Exporting Countries (OPEC) maintained its positive growth forecast for oil demand, citing strong economic growth despite rising interest rates. Mike Archibald, portfolio manager at AGF Investments, was optimistic about the balance between supply and demand in the energy sector.
The healthcare sector, however, fell 2.9%, its worst performance in almost three weeks. Interest rate-sensitive technology stocks and real estate stocks also fell by 0.9% and 0.8%, respectively.
Investors are eagerly awaiting U.S. consumer price inflation data on Wednesday, which could shed light on the Federal Reserve’s future interest rate decisions. Money market participants are currently forecasting a 93% chance that the Federal Reserve will keep interest rates on hold at its next meeting. According to the CME FedWatch tool, there is a 42% chance of a rate hike in November.
In addition, the Canadian banking sector’s main lobby group criticized the government’s proposal to impose high taxes on the financial sector. The group argued that these policies could have a negative impact on lending.

World Nation News Desk
World Nation News Desk
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