TSX Ends Moderately Lower After Fed Raises Interest Rate And Signals More Hikes

RTTNews | 866 days ago

(RTTNews) - The Canadian market ended on a weak note on Wednesday with investors digesting the Federal Reserve's interest rate decision and the accompanying statement.

After raising interest rates by three-quarters of a percentage point at four consecutive meetings, the Fed today slowed the pace of rate increases but still signaled further rate hikes.

In a widely expected move, the Fed announced its decision to raise interest rates by 50 basis points, or half a percentage point, to a target range of 4.25 to 4.50%.

The Fed expects inflation to remain elevated in 2023. Consumer price growth is expected to slow to 3.1% next year from 5.6% this year, but that is still up from the 2.8% forecast in September and well above the Fed's 2% target.

The benchmark S&P/TSX Composite Index ended with a loss of 131.81 points or 0.66% at 19,891.65. The index, which advanced to 20,081.79 in early trades, touched a low of 19,863.98 in the final hour.

Healthcare, financials, utilities and consumer staples shares shed ground, while shares from the rest of the sectors ended mixed.

Canopy Growth Corporation (WEED.TO), BCE Inc (BCE.TO), TC Energy Corporation (TRP.TO), Kinross Gold Corporation (K.TO), Bank of Nova Scotia (BNS.TO) and Shopify Inc (SHOP.TO) lost 1 to 2.5% on strong volumes.

Enghouse Systems (ENGH.TO) ended lower by more than 5%. Brookfield Asset Management (BAM.TO), Methanex Corporation (MX.TO), Stelco Holdings (STLC.TO) and Aritzia Inc (ATZ.TO) lost 3 to 4%.

CCL Industries (CCL.A.TO), Canadian Pacific Railway (CP.TO), Nutrien (NTR.TO), George Weston (WN.TO) and Canadian National Railway (CNR.TO) also ended notably lower.

Crescent Point Energy (CPG.TO) climbed 2.6% and Lundin Mining (LUN.TO) surged 1.86%, on strong volumes.

First Quantum Minerals (FM.TO), ATS Corporation (ATS.TO), Boyd Group Services (BYD.TO), Atco Ltd (ACO.Y.TO), Teck Resources (TECK.A.TO), Dollarama (DOL.TO), Rogers Communications (RCI.B.TO) and Onex Corporation (ONEX.TO) also posted notable gains.

In economic news, manufacturing sales in Canada rose 2.8% month-over-month in October of 2022, compared to the preliminary estimate of 2% and following an upwardly revised 0.1% increase in the prior month.

Steady Start Tipped For Hong Kong Stock Market

The Hong Kong stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had jumped more than 1,000 points or 4.5 percent. The Hang Seng Index now sits just above the 21,970-point plateau and it may tick slightly higher on Tuesday. The global forecast for the Asian markets is mixed with a touch of upside amidst a lack of catalysts. The European markets were up slightly and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

RTTNews | 10 minutes ago

China Shares Likely To Remain Rangebound

The China stock market has finished lower in two straight sessions, sliding more than 10 points or 0.3 percent along the way. The Shanghai Composite Index now sits just beneath the 3,290-point plateau and it's likely to hold steady in that neighborhood again on Tuesday. The global forecast for the Asian markets is mixed with a touch of upside amidst a lack of catalysts. The European markets were up slightly and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

RTTNews | 11 minutes ago

Rally May Stall For Taiwan Stock Market

The Taiwan stock market has finished higher in two straight trading days, gathering more than 550 points or 2.7 percent in that span. The Taiwan Stock Exchange now sits just above the 20,030-point plateau although it may spin its wheels on Tuesday. The global forecast for the Asian markets is mixed with a touch of upside amidst a lack of catalysts. The European markets were up slightly and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference. The TSE finished modestly higher on Monday following gains from the technology and cement stocks, while the financial and plastics sectors were mixed. For the day, the index improved 161.68 points or 0.81 percent to finish at 20,034.41 after trading between 19,972.07 and 20,073.75. Among the actives, Cathay Financial and Nan Ya Plastics both perked 0.16 percent, while Mega Financial shed 0.40 percent, Fubon Financial fell 0.25 percent, E Sun Financial collected 0.91 percent, Taiwan Semiconductor Manufacturing Company climbed 1.01 percent, United Microelectronics Corporation added 0.56 percent, Hon Hai Precision spiked 2.52 percent, Largan Precision sank 0.67 percent, Catcher Technology strengthened 1.39 percent, MediaTek stumbled 2.17 percent, Delta Electronics soared 3.03 percent, Novatek Microelectronics jumped 1.99 percent, Formosa Plastics lost 0.73 percent, Asia Cement rallied 1.59 percent and CTBC Financial and First Financial were unchanged.

RTTNews | 12 minutes ago

Singapore Stock Market Due For Support

The Singapore stock market has moved lower in three straight sessions, slumping more than 20 points or 0.6 percent in that span. The Straits Times Index now sits just above the 3,810-point plateau although it may stop the bleeding on Tuesday. The global forecast for the Asian markets is mixed with a touch of upside amidst a lack of catalysts. The European markets were up slightly and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference. The STI finished modestly lower on Monday following mixed performances from the financial shares, property stocks and industrial issues. For the day, the index slipped 11.98 points or 0.31 percent to finish at 3,811.80 after trading between 3,797.17 and 3,821.68. Among the actives, CapitaLand Integrated Commercial Trust rallied 1.40 percent, while CapitaLand Investment added 0.75 percent, City Developments sank 0.80 percent, Comfort DelGro shed 0.65 percent, DBS Group dipped 0.12 percent, Hongkong Land jumped 1.29 percent, Keppel DC REIT gained 0.48 percent, Keppel Ltd plunged 2.56 percent, Mapletree Pan Asia Commercial Trust dropped 0.82 percent, Oversea-Chinese Banking Corporation lost 0.44 percent, Seatrium Limited slumped 1.02 percent, Singapore Technologies Engineering spiked 1.66 percent, SingTel advanced 0.80 percent, Thai Beverage climbed 0.98 percent, Wilmar International rose 0.32 percent, Yangzijiang Financial collected 0.71 percent, Yangzijiang Shipbuilding soared 2.27 percent and Emperador, Genting Singapore, Mapletree Industrial Trust, Mapletree Logistics Trust, SembCorp Industries, SATS, DFI Retail Group and Frasers Centrepoint Trust were unchanged. The lead from Wall Street suggests little movement as the major averages opened higher on Monday, slumped mid-session but rallied to finish mixed and little changed.

RTTNews | 12 minutes ago

Malaysia Bourse Due For Profit Taking

The Malaysia stock market has moved higher in four straight sessions, gathering more than 35 points or 2.2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,520-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is mixed with a touch of upside amidst a lack of catalysts. The European markets were up slightly and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference. The KLCI finished modestly higher on Monday as gains from the financial shares and telecoms were capped by weakness from the plantations. For the day, the index climbed 12.39 points or 0.82 percent to finish at the daily high of 1,521.59 after trading as low as 1,511.48. Among the actives, Axiata increased 0.99 percent, while Celcomdigi was up 0.27 percent, Gamuda accelerated 1.75 percent, IHH Healthcare and Tenaga Nasional both perked 0.29 percent, IOI Corporation sank 0.82 percent, Kuala Lumpur Kepong gained 0.71 percent, Maxis improved 1.10 percent, Maybank collected 1.22 percent, MISC jumped 1.66 percent, MRDIY lost 0.61 percent, Nestle Malaysia gathered 0.47 percent, Petronas Chemicals rallied 1.45 percent, Petronas Dagangan eased 0.11 percent, PPB Group slid 0.33 percent, Press Metal climbed 1.24 percent, Public Bank soared 2.06 percent, QL Resources surged 2.11 percent, RHB Bank spiked 1.84 percent, Sime Darby fell 0.48 percent, SD Guthrie shed 0.64 percent, Sunway picked up 0.22 percent, Telekom Malaysia added 0.88 percent, YTL Corporation rose 0.53 percent, YTL Power advanced 1.20 percent and 99 Speed Mart Retail, CIMB Group and Hong Leong Financial were unchanged.

RTTNews | 13 minutes ago

Little Movement Seen For South Korea Stock Market

The South Korea stock market has moved higher in back-to-back sessions, collecting more than 25 points or 1 percent in that span. The KOSPI now sits just beneath the 2,550-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is mixed with a touch of upside amidst a lack of catalysts. The European markets were up slightly and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference. The KOSPI finished slightly higher on Monday following gains from the industrial, weakness from the technology and chemical companies and a mixed picture from the financial sector. For the day, the index rose 2.56 points or 0.10 percent to finish at 2,548.86 after trading between 2,541.97 and 2,558.69. Volume was 449.07 million shares worth 7.73 trillion won. There were 519 decliners and 366 gainers. Among the actives, Shinhan Financial sank 0.80 percent, while KB Financial fell 0.35 percent, Hana Financial collected 1.31 percent, Samsung Electronics perked 0.18 percent, Samsung SDI shed 0.49 percent, LG Electronics dropped 0.84 percent, SK Hynix retreated 1.30 percent, Naver climbed 1.03 percent, LG Chem stumbled 1.56 percent, Lotte Chemical tanked 2.83 percent, SK Innovation gained 0.42 percent, POSCO advanced 0.97 percent, SK Telecom plummeted 6.75 percent, KEPCO improved 1.19 percent, Hyundai Mobis was up 0.40 percent, Hyundai Motor rose 0.11 percent and Kia Motors added 0.57 percent.

RTTNews | 14 minutes ago

Australian Market Modestly Higher

The Australian stock market is trading modestly higher on Tuesday, extending the gains in the previous three sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,000 mark, with gains across most sectors led by iron ore miners and energy stocks.

RTTNews | 25 minutes ago

Singapore Unemployment Data Due On Tuesday

Singapore will on Tuesday release Q1 numbers for unemployment, highlighting a very light day for Asia-Pacific economic activity.

RTTNews | 3h 27min ago

EURUSD	1.14026	GBPUSD	1.34258	AUDUSD	0.64249
USDJPY	142.239	USDCAD	1.38376	USDCHF	0.82192

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TSX Ends Moderately Lower After Fed Raises Interest Rate And Signals More Hikes