Canadian Stocks Approach Record High
On Monday, the S&P/TSX Composite Index rose by 0.5%, achieving the 26,000 mark once more, closely following the previous week's record high. This increase occurred concurrently with US stock futures, despite the closure of the US stock market, as the US government provided tariff relief. President Trump's decision to delay tariffs on the EU until July fostered optimism as it was perceived as a positive step towards reducing trade concerns among key global economies. Consequently, market participants are now anticipating that the Bank of Canada will maintain its current interest rate levels at next week's meeting, considering recent data suggesting inflationary pressures. April witnessed a significant surge in retail sales for the second consecutive month, accompanied by the unexpected rise in core inflation indicators monitored by the central bank, reaching their highest point in over a year. Key financial institutions such as Brookfield, RBC, TD Bank, and CIBC saw gains ranging from 0.5% to 2%. Additionally, Cameco's stock increased by 4%, building on the previous session's gains, fueled by optimism surrounding potential US policy changes favoring nuclear energy development.
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