financetom
World
financetom
/
World
/
CANADA STOCKS-TSX hits a 3-week low as jobs data stokes growth concerns
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX hits a 3-week low as jobs data stokes growth concerns
Sep 6, 2024 1:48 PM

*

TSX ends down 0.9% at 22,781.43

*

Posts 2.4% weekly decline

*

Canada's unemployment rate rises to 6.6%

*

Energy falls 1.5%; oil settles 2.1% lower

(Updates at market close)

By Fergal Smith

Sept 6 (Reuters) - Canada's main stock index fell to a

more than three-week low on Friday, weighed by declines in

technology and commodity-linked shares, as U.S. and Canadian

jobs data added to investor concerns about a slowdown in the

economy.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 206.85 points, or 0.9%, at 22,781.43, its

fourth straight day of declines and its lowest closing level

since Aug. 13.

For the week, the index lost 2.4%, its first weekly decline

in five weeks. Major U.S. indexes posted even steeper declines

on Friday.

"Investors are pricing in the reality of slower economic

growth," said Philip Petursson, chief investment strategist at

IG Wealth Management.

"You look at what's going on across the cyclical sectors,

whether it's energy, materials, industrials, consumer

discretionary, they're all down."

U.S. employment increased less than expected in August and

Canada's unemployment rate rose to 6.6%, its highest level in

more than seven years after excluding the pandemic years of 2020

and 2021.

"The (Canadian) economy isn't growing fast enough to absorb

the new labor entrants, and that's a concern," Petursson said.

The energy sector fell 1.5% as the price of oil extended its

recent declines, settling 2.1% lower at $67.67 a barrel.

Gold and copper prices also fell, weighing on

metal mining shares. The materials sector, which includes miners

and fertilizer companies, ended 2% lower.

Technology fell 1.7%, with shares of Celestica Inc ( CLS )

tumbling 10.2% to a seven-month low.

Enghouse Systems Ltd ( EGHSF ) was a bright spot. Shares of

the application software company climbed 5.6% on

better-than-expected quarterly earnings.

Japanese retail giant Seven & I Holdings ( SVNDF ) said it

had turned down Alimentation Couche-Tard's ( ANCTF ) $38.5

billion cash bid, rejecting an offer that would be the

largest-ever foreign buyout of a Japanese company.

Shares of Couche-Tard ended 1.9% higher.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japan's super-long bonds rise after heavy selloff
Japan's super-long bonds rise after heavy selloff
Jul 15, 2025
TOKYO, July 16 (Reuters) - Japan's super-long government bonds rose on Wednesday, as investors bought back the bonds after a heavy selloff this week. The 40-year JGB yield fell 8 basis points to 3.4%. The 30-year JGB yield fell 2.5 bps to 3.135%. Yields move inversely to prices. The 30-year bond yield hit a record high in the previous session...
ASML drags European stocks lower amid tariff worries
ASML drags European stocks lower amid tariff worries
Jul 16, 2025
(Reuters) -European shares slipped on Wednesday, with ASML leading losses after a weak business update, while broader investor sentiment remained cautious on concerns over tariff-driven inflation following stronger-than-expected U.S. inflation data. The pan-European STOXX 600 index fell 0.3% to 543.38 points, as of 0712 GMT. ASML fell 6.7% after the world's biggest supplier of computer chip-making equipment warned that it...
GLOBAL MARKETS-Asia shares struggle, dollar soars on lowered Fed rate cut bets
GLOBAL MARKETS-Asia shares struggle, dollar soars on lowered Fed rate cut bets
Jul 15, 2025
* U.S. CPI showed early signs of inflationary tariff effects * Fed's Powell had predicted tariff impact to emerge in the summer * Traders price in 43 bps of Fed cuts for remainder of 2025 By Kevin Buckland TOKYO, July 16 (Reuters) - Asian stock markets were under pressure on Wednesday while the dollar climbed to its firmest against the...
COLUMN-Tariff 'doom loop' hangs over global equities: McGeever
COLUMN-Tariff 'doom loop' hangs over global equities: McGeever
Jul 15, 2025
ORLANDO, Florida, July 15 (Reuters) - The astonishing rebound in stocks since early April largely reflects investors' bet that U.S. President Donald Trump won't follow through on his tariff threats. But the market's very resilience may encourage the president to push forward, which could be bad news for equities in both the U.S. and Europe. Investors appear to believe that...
Copyright 2023-2026 - www.financetom.com All Rights Reserved