Canada’s main stock index sank on Wednesday, weighed down by broad-based losses as rising oil prices added pressure. Investors also continued to digest the latest interest rate decisions from both the Bank of Canada, who held its benchmark interest rate at 2.25 per cent, and the US Federal Reserve.
Meanwhile, the producer price index — a measure of changes in wholesale prices — climbed 0.7 per cent in February, more than double the 0.3 per cent increase expected by economists surveyed by Dow Jones. The data suggests inflation was already on shaky ground even before the outbreak of the Iran war, an event that has intensified concerns about stagflation as oil prices surge. The US central bank left its benchmark interest rate unchanged, holding steady between 3.5 per cent and 3.75 per cent.
| TSX | 32,312.67 | -616.42 |  |
| TSXV | 976.02 | -35.04 | |
| CSE | 167.32 | -5.90 | |
| DJIA | 46,225.15 | -768.11 | |
| NASDAQ | 22,152.42 | -327.11 | |
| S&P 500 | 6,624.70 | -91.39 | |
The Canadian dollar traded for 72.85 cents US compared to 73.02 cents US on Tuesday.
US crude futures traded US$2.23 higher at US$98.44 a barrel, and the Brent contract rose US$6.25 to US$109.70 a barrel.
The price of gold was down US$161.52 to US$4,838.08.
In world markets, the Nikkei was up 1,539.01 points to ¥55,239.40, the Hang Seng was up 156.88 points to HK$26,025.42, the FTSE was down 98.31 points to ₤10,305.29, and the DAX was down 228.67 points to €23,502.25.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
