KNOWLEDGE is POWER / REAL NEWS is KEY
New York: Sunday, January 23, 2022
© 2022 U-S-NEWS.COM
Online Readers: 301
New York: Sunday, January 23, 2022
Online: 329
Donald Trump's new social media platform "TRUTH Social" Join the Waiting List - Click here
FILE PHOTO: A Bay Street sign, the main street in the financial district is seen in Toronto

MONEY & BUSINESS: Toronto market posts weekly decline as Fed spooks investors



FILE PHOTO: A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013. REUTERS/Mark Blinch/File Photo

January 7, 2022

By Fergal Smith

TORONTO (Reuters) – Canada’s main stock index closed slightly higher on Friday but was still down for the first week of the year as the potential for faster-than-expected U.S. interest rate hikes weighed on investor sentiment.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 12.25 points, or 0.06%, at 21,084.45 on Friday. For the week, it was down 0.65% after the Federal Reserve on Wednesday struck a hawkish note in minutes from its latest meeting.

“The story is still tied to the Fed and rising interest rates coming sooner than expected,” said Sadiq Adatia, chief investment officer at BMO Asset Management.

Wall Street extended its weekly decline as investors remained worried about the U.S. interest rate outlook even after a weaker-than-expected December payrolls report.

Domestic data showed the Canadian economy adding twice as many jobs as expected in December, supporting expectations for the Bank of Canada to begin hiking rates in the coming months.

“What you have been seeing is a bit of rotation going on … the high-flying tech names have been selling off,” Adatia said.

Higher interest rates reduce the value to investors of the future cash flows that technology and other high growth sectors are expected to produce.

The Toronto market’s technology group fell for a fifth straight session, down 1.4%, but that was offset by gains for the heavily weighted financials group and energy stocks.

Financials ended 0.4% higher, while energy climbed 0.9% as oil held on to much of this week’s rally.

U.S. crude prices settled 0.7% lower at $78.90 a barrel on Friday but were up nearly 5% for the week as the market weighed unrest in Kazakhstan and outages in Libya.

Apparel manufacturer Canada Goose Holdings Inc was among the biggest decliners, falling 6.3% after UBS slashed its target price on the stock.

(Reporting by Fergal Smith; Additional reporting by Anisha Sircarl Editing by Cynthia Osterman)





Source link

(Visited 1 times, 1 visits today)
KNOWLEDGE is POWER / REAL NEWS is KEY
Woke & Liberal News is Fake News
You will find it on:
CNN - CBS - MSNBC - ABC - The New York Times - The Washington Post - Facebook - Twitter and more
They ALL SUCKS and simply DO NOT tell you the truth PERIOD

WARNING! If you usually get your news from one of these so-called "News Services" Welcome to you, but be prepared for big surprises!
eg. 2+2 is not 5 or 22 but 4 - There is not 57 different genders, only 2
KNOWLEDGE is POWER / REAL NEWS is KEY
Help your friends, family and the truth by sharing this page and articles.
Amen and a-women

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vcnVtYmxlLmNvbS9lbWJlZC92cGVmZ24vP3B1Yj00Ij48L2lmcmFtZT4=
WATCH THIS!

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vd3d3LmJpdGNodXRlLmNvbS9lbWJlZC9KcWlBWFdWUEFLcGYvIj48L2lmcmFtZT4=
THIS IS IT!!!