From mint · · 50s
TSX Rises as Rate Hike Bets Fade
Canada's stock market surges after weak jobs data lowers Bank of Canada rate hike expectations.
In brief
Canada's stock market surges after weak jobs data lowers Bank of Canada rate hike expectations. Canada's stock index gained 1.48% to 35,664.62, its highest in two weeks, as weak September jobs data reduced expectations for Bank of Canada rate hikes. Originally reported by mint.
TSX Posts Biggest Gain
Canada's main stock index rose 1.48% to 35,664.62, its highest closing level in two weeks.
Weaker Jobs Data
Canada shed 68,300 jobs in September, with unemployment rising to 6.5%.
Rate Hike Expectations Drop
Investors now expect a 25% chance of a Bank of Canada rate hike by October 28, down from 40%.
Sector Reactions
Materials rose 2.81%, energy up 1.07%, and Aritzia surged 20% after beating revenue expectations.
The key point
Canada's stock index gained 1.48% to 35,664.62, its highest in two weeks, as weak September jobs data reduced expectations for Bank of Canada rate hikes.
