Markets were mixed today as hotter-than-expected inflation lifted bond yields and kept investors cautious. The TSX fell 0.49% and the TSX Venture Index dropped 1.20%, while the Nasdaq slid 0.85% as tech bore the brunt of the pressure. The Dow edged up 0.14% on strong bank earnings and the FTSE 100 gained 0.33%.
U.S. inflation came in at 3.7%, lifting the 10-year Treasury yield and the U.S. dollar, while oil rose 0.61% after reported Iranian attacks on ships in the Strait of Hormuz. Gold tumbled 1.59% and copper fell 0.55%, while Bitcoin held roughly flat, up 0.01%, to just above C$118,000. U.S. banks posted strong earnings, though economic risks continue to cloud the sector’s outlook.
Market numbers
TSX: Down (-0.49%) 35,806.59
TSXV: Down (-1.20%) 850.56
DOW: Up (+0.14%) 51,747.6
NASDAQ: Down (-0.85%) 30,337.2
FTSE 100: Up (+0.33%) 10,685.83
In the headlines
- Fairfax Financial buys majority stake in India’s IDBI Bank: Fairfax Financial Holdings (TSX:FFH), the Toronto-based insurance and investment holding company, agreed to acquire a majority stake in IDBI Bank, the Indian commercial bank. The deal significantly expands Fairfax’s footprint in India’s banking sector.
- Apple hits $5 trillion on HomeView debut, but gains fade: Apple (NASDAQ:AAPL), the consumer technology giant behind the iPhone, Mac and Apple Watch, touched a $5 trillion market valuation on the debut of its HomeView product before the gains faded shortly after. The reversal suggests investors remain cautious about how quickly the new product line can move the needle.
- Bank of America hit with $1.2 billion fine over money laundering failures: Bank of America (NYSE:BAC), one of the largest U.S. banks, was fined $1.2 billion over failures in its anti-money laundering controls. The penalty highlights the heightened regulatory scrutiny facing major financial institutions.
Currencies
USD: Down (-0.53%) $0.6993
GBP: Up (+0.04%) $0.5306
EUR: Up (+0.19%) $0.62934
JPY: Down (-0.15%) ¥111.206
AUD: Down (-0.25%) $1.0047
Bitcoin (BTC/CAD): Up (+0.01%) 118,189.7
(Conversion to C$1)
Commodities
Copper: Down (-0.55%) 6.74373
Gold: Down (-1.59%) 4,094.76
WTI: Up (+0.61%) 93.87
Natural Gas: Down (-3.36%) 3.218
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