Stocks Tumble Amid Rate Fright
Equities in Toronto slid on Thursday, after rallying in the previous session, as fears of a steep economic downturn persisted amid aggressive monetary policy tightening by global central banks. The TSX Composite came off its lows of Thursday morning, losing 250.8 points, or 1.3%, by noon EDT to 18,398.41. The Canadian dollar thundered lower 0.34 cents to 73.03 cents U.S. Among stocks, Linamar Corp sank $5.85, or 9.6%, to $54.83, and Magna International dropped $3.16, or 4.6%, to $65.93, after Scotiabank trimmed its price targets, saying a likely recession in 2023 and higher energy prices in Europe may lead to lower sales volumes of auto makers and component manufacturers, and pose headwinds to margins. Ero Copper jumped $1.32, or 9.3%, to $15.47, 1.6% after it announced the discovery of a regional nickel sulphide system within the Curaçá Valley over an initial strike length of five kilometres. On the economic slate, Statistics Canada reported Gross Domestic Product for July edged up 0.
Stocks Tumble Amid Rate Fright
Equities in Toronto slid on Thursday, after rallying in the previous session, as fears of a steep economic downturn persisted amid aggressive monetary policy tightening by global central banks. The TSX Composite came off its lows of Thursday morning, losing 250.8 points, or 1.3%, by noon EDT to 18,398.41. The Canadian dollar thundered lower 0.34 cents to 73.03 cents U.S. Among stocks, Linamar Corp sank $5.85, or 9.6%, to $54.83, and Magna International dropped $3.16, or 4.6%, to $65.93, after Scotiabank trimmed its price targets, saying a likely recession in 2023 and higher energy prices in Europe may lead to lower sales volumes of auto makers and component manufacturers, and pose headwinds to margins. Ero Copper jumped $1.32, or 9.3%, to $15.47, 1.6% after it announced the discovery of a regional nickel sulphide system within the Curaçá Valley over an initial strike length of five kilometres. On the economic slate, Statistics Canada reported Gross Domestic Product for July edged up 0.