Markets decline on China’s slump
Bay and Wall streets, already wrestling with mixed inflation data in Canada and the U.S. also contended with weak economic from China. Such worries drove down North American markets on Wednesday. The Chinese real estate market continues to slump, which fueled a rout in Chinese stocks overnight. The Hang Seng fell 3.9%, its worst day since October 2022. In turn, all sectors on the TSX were in the red, particularly real estate, materials and utilities. Notable names included Cenovus at -2.52%, Power Corp. -1.25%, Pan American Silver -6.7% and Kinaxis up 2.64%. The woes of First Quantum Minerals continued as shares sank 6.71%. Despite ongoing military tensions in the Red Sea, WTI crude regained 0.5% to $72.75 a barrel.
All major indices on Wall Street also declined: the S&P -0.68%, the Nasdaq -0.72% and the Dow -0.35%. Major movers: Tesla -2.04%, PayPal 2.38%, Albemarle -4.11%, Wynn Resorts -3.45% and Newmont -3.42%. The U.S. 10-year yield climbed to 4.1% amid inflation worries while Bitcoin slipped 1.25% to $42,600.
