S&P/TSX Composite falls nearly 1% to five-week low
The S&P/TSX Composite Index fell nearly 1% to trade below 36,000 on Thursday, reaching a five-week low. Rising oil prices, higher bond yields, and higher inflation pressures weighed on credit-sensitive stocks and miners.
The S&P/TSX Composite Index fell nearly 1% to trade below 36000 on Thursday, hitting a five-week low as rising oil prices and higher bond yields added to inflationary pressure. Oil prices jumped after fears of prolonged energy supply disruptions intensified following the biggest wave of attacks on shipping in the Strait of Hormuz by Washington and Tehran on Wednesday. Global yields moved higher on worries about prolonged inflation after hotter-than-expected US PPI data and ahead of Friday's CPI report. Rising expectations for a Fed rate hike weighed on credit-sensitive stocks, with most major banks trading below the flatline.
5%, WPM falling 3%, and Barrick retreating more than 2%. 5%. Enbridge shed more than 3% after announcing it would buy Tallgrass Energy's crude oil business, taking a majority stake in the Pony Express Pipeline and other assets.