Canadian Stock Market Falls amid Recession
2022.12.16 11:10
Canadian Stock Market Falls amid Recession
Budrigannews.com – On Friday, concerns increased that major central banks’ aggressive rate-hike trajectory could lead to a global recession, leading to a one-month low for Canada’s main stock index. Energy shares led the selloff.
The Toronto Stock Trade’s S&P/TSX composite file fell 0.62% to 19,478.36, set briefly sequential week after week misfortune.
The Federal Reserve’s hawkish tone at its policy meeting on Wednesday, when the U.S. central bank raised interest rates by 50 basis points and signaled that rate hikes were far from over, was also hurting Wall Street’s main indexes.
According to Thomas Caldwell, Chairman of Caldwell Securities, “Interest rates are having a significant impact on the American and Canadian stock markets to a significant degree.” Canada contracts pneumonia when the United States contracts the sniffles.
As the European Central Bank and the Bank of England followed suit on Thursday with a 50-bps rate hike and stated that there were more to come, stocks extended their losses worldwide.
Prices fell more than 3% while energy stocks fell 2.7%, making them the biggest losers. 2.7% of healthcare stocks went down. O/R] This year, the TSX index has lost 8.4%, while the US benchmark has lost 18.7%.
Among single stocks, Enghouse Frameworks scaled to the highest point of the file, acquiring 8.9% after the product organization beat final quarter benefit gauges.
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Minerals of the First Quantum (OTC:) expanded misfortunes, down 8.9%, even as the excavator said it is doing all that could be within reach to help its tasks in Panama after it was requested to stop activities at its leader mine.
