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Canadian stocks hit 14-month low, loonie dips on recession worries

Friday, June 17, 2022
Canadian stocks hit 14-month low, loonie dips on recession worries © Reuters. The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

By Fergal Smith

TORONTO (Reuters) - Canada's main stock index slumped on Thursday to its lowest level in 14 months and its currency weakened as investors grew more worried that aggressive central bank interest rate hikes would trigger a recession, weighing on corporate earnings.

The Toronto Stock Exchange's S&P/TSX composite index was down 3.3% at 18,970.70, its lowest level since April 2021.

The Canadian dollar was trading 0.3% lower at 1.2925 to the greenback, or 77.37 U.S. cents, after touching on Wednesday its weakest intraday level in more than one month at 1.2995.

U.S. stock indexes also tumbled on Thursday as the Swiss National Bank and the Bank of England lifted interest rates following the Federal Reserve's 75-basis-point hike on Wednesday, with central banks aiming to slow domestic activity in the face of soaring price pressures.

"It is becoming increasingly necessary to see a decline in growth in order to stave off inflation," said Joseph Abramson, co-chief investment officer at Northland Wealth Management.

"People have been talking about recession but it's not in market expectation yet if you look at the forward earnings growth. So that's the next shoe to drop."

Broadbased declines on the TSX included a decline of 5.3% for the energy sector, extending its recent pullback, even as oil prices rose.

U.S. crude oil futures settled nearly 2% higher at $117.58 a barrel after the United States announced new sanctions on Iran.

Technology, which tends to be particularly sensitive to higher interest rates, fell 4.1% and heavily-weighted financials were 3.1% lower.

One major outlier among individual stocks was LifeWorks Inc. Its shares jumped 68% after Canadian wireless carrier Telus (NYSE:TU) Corp agreed to buy the human resources services company in a C$2.9 billion ($2.2 billion) deal.

Domestic data showed that Canada's wholesale trade decreased by 0.5% in April from March, weighed by a drop in fertilizer imports from Russia.

Canadian government bond yields were mixed across the curve. The 10-year touched its highest since May 2010 at 3.664% before pulling back to 3.460%, unchanged on the day.

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08-07-2022 00:19:09 (UTC+7)

EUR/USD

1.0146

-0.0034 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

EUR/USD

1.0146

-0.0034 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

GBP/USD

1.2001

+0.0070 (+0.59%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

USD/JPY

136.04

+0.12 (+0.08%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

AUD/USD

0.6830

+0.0055 (+0.81%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.2993

-0.0043 (-0.33%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/JPY

138.04

-0.32 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

EUR/CHF

0.9886

+0.0006 (+0.06%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

Gold Futures

1,740.20

+3.70 (+0.21%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Silver Futures

19.198

+0.039 (+0.20%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Copper Futures

3.5548

+0.1468 (+4.31%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

Crude Oil WTI Futures

103.94

+5.41 (+5.49%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (1)

Brent Oil Futures

105.79

+5.10 (+5.07%)

Summary

↑ Buy

Moving Avg:

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Natural Gas Futures

6.317

+0.807 (+14.65%)

Summary

Sell

Moving Avg:

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Sell (6)

Indicators:

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Sell (8)

US Coffee C Futures

218.75

-0.45 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (6)

Euro Stoxx 50

3,488.50

+66.66 (+1.95%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

S&P 500

3,888.30

+43.22 (+1.12%)

Summary

↑ Sell

Moving Avg:

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Sell (10)

Indicators:

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Sell (9)

DAX

12,843.22

+248.70 (+1.97%)

Summary

Neutral

Moving Avg:

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FTSE 100

7,189.08

+81.31 (+1.14%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

21,643.58

+56.92 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,765.40

+35.17 (+2.03%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

IBEX 35

8,122.50

+173.90 (+2.19%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (4)

Sell (3)

BASF SE NA O.N.

41.300

+1.550 (+3.90%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

56.59

+0.40 (+0.71%)

Summary

Sell

Moving Avg:

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Sell (11)

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Sell (4)

Allianz SE VNA O.N.

178.46

+2.96 (+1.69%)

Summary

Buy

Moving Avg:

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Sell (1)

Indicators:

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Sell (2)

Adidas AG

169.28

+4.74 (+2.88%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

5.764

+0.254 (+4.61%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (2)

Siemens AG Class N

97.71

+1.66 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Deutsche Bank AG

7.983

+0.295 (+3.84%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.0146↑ Sell
 GBP/USD1.2001↑ Sell
 USD/JPY136.04Neutral
 AUD/USD0.6830↑ Sell
 USD/CAD1.2993↑ Buy
 EUR/JPY138.04↑ Sell
 EUR/CHF0.9886Neutral
 Gold1,740.20↑ Sell
 Silver19.198↑ Sell
 Copper3.5548↑ Sell
 Crude Oil WTI103.94↑ Buy
 Brent Oil105.79↑ Buy
 Natural Gas6.317Sell
 US Coffee C218.75↑ Sell
 Euro Stoxx 503,488.50↑ Sell
 S&P 5003,888.30↑ Sell
 DAX12,843.22Neutral
 FTSE 1007,189.08↑ Sell
 Hang Seng21,643.58↑ Buy
 Small Cap 20001,765.40↑ Sell
 IBEX 358,122.50↑ Buy
 BASF41.300↑ Buy
 Bayer56.59Sell
 Allianz178.46Buy
 Adidas169.28↑ Buy
 Lufthansa5.764↑ Buy
 Siemens AG97.71↑ Buy
 Deutsche Bank AG7.983↑ Sell
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SJC Eximbank6,765/ 6,825
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Cập nhật 08-07-2022 00:19:11
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$1,742.30-22.62-1.28%
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Sản phẩmVùng 1Vùng 2
RON 95-V33.36034.020
RON 95-III32.76033.410
E5 RON 92-II30.89031.500
DO 0.05S29.61030.200
DO 0,001S-V30.41031.010
Dầu hỏa 2-K28.35028.910
ↂ Giá dầu thô thế giới
WTI$101.30-5.55-5.80%
Brent$104.26-5.43-5.49%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.180,0023.490,00
EUR23.177,9524.476,02
GBP27.204,7528.365,03
JPY166,93176,72
KRW15,5318,93
Cập nhật lúc 18:49:11 07/07/2022
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