Base metals losses helped lead Canada’s main stock index lower in Wednesday trading. The energy, industrials, and telecom sectors managed to score some gains. The Bank of Canada released minutes from its January policy meeting, where it raised interest rates by 25 basis points. The bank’s Governor, Tiff Macklem, said no further interest rate hikes would be needed if the economy stalls and inflation comes down as expected.


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U.S. stock markets also fell as investors took stock of comments from Federal Reserve Chair Jerome Powell on how long it may take to control inflation. Traders worry that the central bank will keep hiking interest rates this year, with analysts betting the benchmark rate could rise above 5 per cent in May and peak at 5.18 per cent in July.

Today in the Markets

TSX 20,679.54 -45.46 TSX
TSXV 623.45 +2.31 TSXV
CSE 196.37 -2.34 TSXV
DJIA 33,949.01 -207.68 DJIA
NASDAQ 11,910.52 -203.27 NASDAQ
S&P 500 4,120.33 -43.67 S&P 500

The Canadian dollar traded for 74.40 cents US, compared to 74.60 cents US on Tuesday.

US crude futures traded $1.32 higher at $78.46 a barrel, while the Brent contract gained $1.41 to $85.10 a barrel.

The price of gold was up US2.11 to US$1,875.23 per ounce.

In world markets, the Nikkei was down 79.01 points to 27,606.46, the Hang Seng was down 15.18 points to 21,283.52, the FTSE was up 20.46 points to 7,885.17, and the DAX was up 91.17 points to 15,412.05.


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