TSX Edges Lower for 2nd Session
The S&P/TSX Composite index declined for a second consecutive session following its peak on Wednesday, as robust economic indicators reinforced expectations that the Bank of Canada will maintain interest rates during its meeting next week. Canada's Gross Domestic Product (GDP) grew at an annualized rate of 2.2% in the first quarter, surpassing the forecasted 1.7% growth. This growth was primarily supported by efforts to preempt tariff risks from the United States, highlighted by an increase in exports and business inventories. Meanwhile, domestic demand remained subdued due to economic uncertainties and the lingering impact of the Bank of Canada's elevated interest rates. The absence of surprising downturns led rate traders to increase positions anticipating that the central bank will hold rates steady next week. In the banking sector, stocks showed mixed performances after a week of earnings releases; Royal Bank of Canada (RBC) and Scotiabank saw a slight uptick of approximately 0.5%, whereas Toronto-Dominion Bank (TD Bank) and Canadian Imperial Bank of Commerce (CIBC) experienced slight declines. Meanwhile, Agnico Eagle Mines Limited saw a decrease of over 1%, coinciding with the drop in gold prices.
The material has been provided by - RobotFX
Download NOW!
No comments:
Post a Comment