What’s going on here?
Canada’s main stock index, the TSX, hit a record high on September 23, 2024, boosted by a 1.6% rise in the energy sector amid rising oil prices and recent US interest rate cuts.
What does this mean?
The Toronto Stock Exchange’s S&P/TSX composite index climbed 70.7 points (0.3%) to reach a new peak, marking its third straight session of record closings. The energy sector led the charge, thanks to higher oil prices following the US Federal Reserve’s interest rate cuts and reduced crude supply due to Hurricane Francine. The Fed’s decision to slash rates has lifted investor sentiment, with many expecting another 75 basis points cut by the end of the year, dependent on economic data. Market watchers are now focused on key indicators like the core personal consumption expenditures (PCE) out Friday and Canada’s GDP figures for July.
Why should I care?
For markets: Riding the wave of optimism.
The TSX’s 14.1% rise this…
