What’s going on here?
Toronto’s S&P/TSX Composite Index climbed 31.79 points to 22,316.55, propelled by stellar corporate earnings and anticipation of a US interest rate cut.
What does this mean?
Driving the index was Canada Goose, with shares skyrocketing nearly 20% after the luxury apparel maker outperformed Wall Street’s Q4 expectations. That uptick was fueled by a sales rebound in North America and stable high-priced jacket demand in China. The consumer discretionary sector also saw a modest 0.4% boost. Rate-sensitive real estate stocks rose by 0.5% after US consumer price data indicated slower inflation, raising the probability of a Federal Reserve rate cut at September’s meeting. ‘Investors are seeing the slowing economy and slowing inflation; it is likely to give the Fed a go-ahead to lower rates as it seems to want,’ said Kim Forrest of Bokeh Capital Partners. The materials sector didn’t share in the jubilation, dipping…
