The stock market in Canada turned bearish on Friday after weak U.S. manufacturing data and the Bank of Canada governor Tiff Macklem’s mixed comments about inflation and the economy seemingly took a toll on investors’ sentiments. After reaching its highest level in more than 18 months the previous day, the S&P/TSX Composite Index plunged by 250 points, or 1.2%, in the last session to settle at 20,529.
While all key market sectors ended the session in red, heavy losses in financials, consumer noncyclicals, and energy stocks primarily dragged the TSX benchmark downward.
Notably, in his latest speech at his speech at Canadian Club Toronto, Macklem highlighted that “it’s still too early to consider cutting our policy rate” and “further declines in inflation will likely be gradual.”
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