Inflation pressures stocks
Canada’s inflation rate unexpectedly rose to 4.0% in August, surpassing the expected 3.8% and July’s 3.3% print. The rising price of crude oil was the main culprit. The news hit the TSX Tuesday and pushed the index down 1.34%, with all sectors in the red, particularly staples, industrials and materials. Bay Street feared that the Bank of Canada will hike rates once more.
Key movers included Baytex at -3.4%, CNQ -1.44%, Equinox Gold sinking nearly 20% and Bausch Health at -8.14%. WTI was basically flat above $91.
The U.S. Fed began its scheduled two-day meeting Tuesday, but Wall Street continued to feel jittery over tomorrow’s interest rate announcement. The American indices modestly declined with the S&P closing -0.22%, the Nasdaq -0.23%, and the Dow -0.31%. Major movers here included Amazon at -1.68%, Intel -4.34%, Disney -3.62%, Freeport McMoRan -3.41% and Mosaic up 3.36%. The U.S. 10-year yield hovered around 4.369% while Bitcoin added 1.4% to $27,100.
🛢 Baytex Energy Corp (BTE-T) -3.4%
🛢 Canadian Natural Rsrcs (CNQ-T) -1.44%
🥇 Equinox Gold (EQX-T) -20%
👨⚕️ Bausch Health Companies Inc. (BHC-T) -8.14%
📦 Amazon.com, Inc. (AMZN-Q) -1.68%
💾 Intel (INTC-Q) -4.34%
👸 Walt Disney Co. (DIS-N) -3.62%
⛏ Freeport McMoran Copper & Gold (FCX-N) -3.41%
🌿 Mosaic Company (The) (MOS-N) +3.36%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.4%
