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TSX Drags on Bold U.S. Inflation Figures

Baystreet.ca
·3 min read

Canada's main stock index opened lower on Thursday as investors assessed hotter-than-expected U.S. inflation data that tempered expectations of an early rate cut.

The TSX Composite retreated 89.31 points to open Thursday at 20,900.11.

The Canadian dollar slid 0.13 cents to 74.62 cents U.S.

In company news, Thomson Reuters, the parent company of the Reuters news agency said on Thursday it has offered to buy Swedish e-invoicing and tax solutions company Pagero for 6.4 billion crowns (about $627 million U.S.), topping an earlier offer from U.S. tax technology firm Vertex. Thomson shares skidded 19 cents to $193.43.

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The Panama unit of First Quantum Minerals said on Wednesday that it will present the first phase of its mine preservation plan to government officials on Jan 16, according to a statement. First Quantum shares began the day up 19 cents, or 1.5%, to $12.73.

Aritzia reported its third-quarter results on Wednesday after the bell, beating analysts' expectations. Aritzia shares zoomed $5.39, or 20.4%, to $31.85.

ON BAYSTREET

The TSX Venture Exchange dipped 0.27 points to 554.64.

Eight of the 12 subgroups were in minus territory during the first hour of trade, health-care off 1.5%, while financials slid 0.8%, and industrials dipped 0.6%.

The four gainers were led by gold, information technology and energy, each up 0.2%.

ON WALLSTREET

Stocks moved lower Thursday, shrugging off a fresh round of inflation data that reflected an uptick in consumer prices for December.

The Dow Jones Industrials stumbled 216.05 points to open Thursday at 37,479.68.

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The S&P 500 sagged 21.04 points to 4,762.41.

The NASDAQ gave back 64.68 points to 14,904.97.

December’s consumer price index report came out slightly higher-than-expected, reflecting a 0.3% increase in consumer prices for the month, pushing the annual rate to 3.4%. Economists polled by Dow Jones had predicted that the CPI rose 0.2% in December and 3.2% on a year-over-year basis.

Core CPI, excluding volatile food and energy prices, came out in line with expectations, however, pointing to persistent—yet easing—inflation pressures. The data released on Thursday suggests that future interest rate cuts may be slower to come.

Investors are also eyeing the kickoff of the fourth-quarter earnings season, which will see banking behemoths Bank of America, Wells Fargo and JPMorgan Chase report results Friday.

Elsewhere, Bitcoin ETFs rose on their first day of trading on Thursday as crypto prices also edged up. Bitcoin gained more than 4%, soaring higher than $47,900. The moves follow Wednesday’s approved rule changes from the U.S. Securities and Exchange Commission which opened the door for bitcoin exchange-traded funds and expanded investors’ access to the flagship crypto.

Prices for the 10-year Treasury were static, keeping yields at Wednesday’s 4.04%.

Oil prices rumbled ahead $1.80 to $73.17 U.S. a barrel.

Gold prices recovered $4.20 to $2,032.