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Canada's TSX slightly down as financiers gear up for revenues, Fed relocation

Canada's primary stock index edged lower on Monday ahead of a hectic revenues week and a raft of reserve bank data that might set the phase for rates of interest actions in the coming months.

As of 1700 ET (2100 GMT), the S&P/ TSX composite index was down 35.24 points, or 0.15%, at 22,779.57.

It was a bit of a breather today ahead of a busy week, stated Martin Pelletier, senior portfolio manager at Wellington-Altus Private Counsel, an investment dealer for high net worth individuals.

Financiers will be carefully tracking the Federal Reserve's. conference on Wednesday for signals on when the U.S. reserve bank. is most likely to lower rates of interest.

Today the Bank of Japan is most likely to weigh a rate. walking, sources have actually informed , while the Bank of England's. meeting is being looked for signs on when it might ease rates.

Monetary policy will influence the TSX and revenues. might provide further triggers, Pelletier said.

The benchmark index scaled an all-time high in mid-June. as long-lasting borrowing expenses started to come down in Canada and. other major central banks were also anticipated to lower rates.

The index logged its fifth weekly gain on Friday, driven. by a deceleration in regular monthly U.S. inflation. Year-to-date the. index has actually increased by practically 10%.

Numerous heavyweight U.S. and Canadian companies report. revenues this week, which could set the course for the TSX in. the coming months, said Elvis Picardo, senior portfolio manager,. iA Private Wealth, a wealth management firm.

There are a great deal of unloved sectors in Canada like. energies and telecoms, which are capturing up, he stated, noting. that strong incomes and a robust outlook might enhance the TSX. further.

U.S. tech giants Microsoft, Meta,. Amazon, and Apple report incomes this week,. in addition to some major Canadian companies such as BCE,. Canadian Natural Resources, Canadian Pacific Kansas. City and Enbridge.

The latest U.S. tasks report is due on Friday, together with. Canada's gdp for May on Wednesday.

The GDP number would be the first economic report after. the Bank of Canada's rate cut recently. Weaker financial growth. could begin constructing a case for yet another reducing in September.

The index's decrease was broad-based, with energy. and technology stocks falling one of the most.

(source: Reuters)