Canada’s main stock index dropped further on Thursday, driven by falling mining shares as rising tensions in the Middle East impacted the broader market. The energy sector led gains on the TSX. Investor sentiment was further dampened by data indicating that business activity in Canada’s services sector hit a six-month low in September, with firms reducing jobs and new business falling to a near four-year low.
October trading has started on a turbulent note on both sides of the border. After a sharp drop in stocks this week because Iran launched a missile attack on Israel, investors are now bracing for more uncertainty as Israel initiates a ground operation into Lebanon. These growing concerns have also pushed oil prices higher. In other economic developments, weekly U.S. jobless claims slightly exceeded economists’ expectations, according to data released by Dow Jones. This provides insights into the health of the labour market as traders prepare for September’s highly anticipated payrolls report due Friday morning.
| TSX | 23,968.50 | -33.05 |  |
| TSXV | 589.92 | -0.25 | |
| CSE | 161.36 | +1.89 |  |
| DJIA | 42,011.59 | -184.93 | |
| NASDAQ | 17,918.48 | -6.65 | |
| S&P 500 | 5,690.92 | -18.62 | |
The Canadian dollar traded for 73.75 cents U.S. compared with 74.06 cents U.S. on Wednesday.
U.S. crude futures traded $3.72 higher at $73.82 a barrel, and the Brent contract rose $3.81 to $77.71 a barrel.
The price of gold was down US$2.52 to US$2,657.72.
In world markets, the Nikkei was up 743.30 points to 38,552.06, the Hang Seng was down 330.22 points to 22,113.51, the FTSE was down 8.34 points to 8,282.52, and the DAX was down 149.34 points to 19,015.41.
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(Top image generated with AI)