Canada’s main stock index reached a new peak during Tuesday trading after domestic annual inflation decreased more than anticipated in June, raising expectations for another rate cut by the Bank of Canada. The TSX was kept just shy of the 23,000 mark because of declines among just two of the 12 subgroups, but they were major ones – energy and mining.
The Dow Jones Industrial Average also hit a new intraday high as the market rally expanded beyond major technology stocks, fuelled by hopes of upcoming interest rate cuts. On top of this, retail sales data exceeded expectations, easing worries about consumer weakness. June sales remained flat, while economists had expected a 0.4 per cent decline. Excluding autos, sales increased by 0.4 per cent, surpassing the 0.1 per cent consensus forecast.
| TSX | 22,995.39 | +243.71 |  |
| TSXV | 599.14 | +4.59 | |
| CSE | 171.40 | -+3.04 | |
| DJIA | 40,954.48 | +742.76 | |
| NASDAQ | 18,509.34 | +36.77 | |
| S&P 500 | 5,666.86 | +35.64 | |
The Canadian dollar traded for 73.12 cents U.S. compared with 73.13 cents U.S. on Monday.
U.S. crude futures traded $1.04 lower at $80.81 a barrel, and the Brent contract lost $1.10 to $83.77 a barrel.
The price of gold was up US$43.19 to US$2,465.68.
In world markets, the Nikkei was up 84.40 points to 41,275.08, the Hang Seng was down 287.96 points to 17,727.98, the FTSE was down 18.06 points to 8,164.90, and the DAX was down 65.91 points to 18,524.98.
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(Top image: Adobe Stock)