Canada’s main stock index spent another day in negative territory. An energy-driven selloff weighed on the market, though gains in technology and financial shares provided some relief as traders looked ahead to bank earnings for clues about the domestic economy.
Bank earnings season began with Bank of Nova Scotia (TSX:BNS) reporting higher Q4 profit, supported by increased interest income. Investors now await results from the remaining members of the Big Six — Royal Bank of Canada (TSX:RY), TD Bank (TSX:TD), BMO (TSX:BMO), CIBC (TSX:CM), and National Bank (TSX:NA). Collectively, these banks have risen more than 30 per cent this year, outpacing the broader index’s 26 per cent gain.
Risk-off sentiment has weighed on the US bull market in recent weeks amid concerns over persistent inflation, lofty valuations, and uncertain returns from artificial intelligence investments.
Cryptocurrency weakness deepened in the prior session, with bitcoin sliding 6 per cent for its worst day since March. Traders remain hopeful that the Federal Reserve will announce an interest rate cut on Dec. 10 at the conclusion of its next policy meeting. Current market pricing reflects an 87.6 per cent probability of a cut — a sharp increase from mid-November odds.
| TSX | 31,049.28 | -52.50 |  |
| TSXV | 936.33 | -3.58 | |
| CSE | 153.59 | -0.13 | |
| DJIA | 47,474.46 | +185.13 |  |
| NASDAQ | 23,413.67 | +137.75 | |
| S&P 500 | 6,829.37 | +16.74 | |
The Canadian dollar traded for 71.52 cents US compared to 71.43 cents US on Monday.
US crude futures traded $0.35 lower at US$58.97 a barrel, and the Brent contract lost $0.39 to US$62.78 a barrel.
The price of gold was down US$44.88 to US$4,196.57.
In world markets, the Nikkei was up 0.17 of a point to ¥49,303.45, the Hang Seng was up 61.79 points to HK$26,095.05, the FTSE was down 0.73 of a point to ₤9,701.80, and the DAX was up 121.42 points to €23,710.86.
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