TSX Still Shy of Breakeven
Losses in industrial and financial shares dragged Canada''s main stock index lower on Wednesday, with investors worrying that aggressive policy tightening by central banks would stifle economic growth. The SP|TSX came off their lows of the morning, and had climbed to within 14.66 points of breakeven to reach noon hour at 20,913.55 The Canadian dollar moved tentatively up 0.09 cents to 79.85 cents U.S. In corporate earnings, Dollarama jumped $2.39, or 3.4%, to the top of the index, at $72.20, after it beat estimates for quarterly sales as surging inflation fueled demand for the discount store''s groceries and household essentials. Canada''s budgetary watchdog said on Tuesday prices in this country are rising at their quickest pace in 31 years, but that is not yet feeding in to a wage spiral, with inflation still expected to return to target in coming years. Internationally, the Organization for Economic Cooperation and Development on Wednesday cut its 2022 global growth forecast to 2.8% from 3.2%, a day after the World Bank slashed its estimates by nearly a third to 2.9%.
TSX Still Shy of Breakeven
Losses in industrial and financial shares dragged Canada''s main stock index lower on Wednesday, with investors worrying that aggressive policy tightening by central banks would stifle economic growth. The SP|TSX came off their lows of the morning, and had climbed to within 14.66 points of breakeven to reach noon hour at 20,913.55 The Canadian dollar moved tentatively up 0.09 cents to 79.85 cents U.S. In corporate earnings, Dollarama jumped $2.39, or 3.4%, to the top of the index, at $72.20, after it beat estimates for quarterly sales as surging inflation fueled demand for the discount store''s groceries and household essentials. Canada''s budgetary watchdog said on Tuesday prices in this country are rising at their quickest pace in 31 years, but that is not yet feeding in to a wage spiral, with inflation still expected to return to target in coming years. Internationally, the Organization for Economic Cooperation and Development on Wednesday cut its 2022 global growth forecast to 2.8% from 3.2%, a day after the World Bank slashed its estimates by nearly a third to 2.9%.