TSX Edges Lower Amid Global Bond Selloff
The S&P/TSX Composite Index edged lower toward the 35,000 mark as a global bond rout pushed borrowing costs to multi-decade highs amid volatile oil prices. Global bonds extended their selloff, weighing on broader markets. The Canadian 10-year yield eased on Thursday but remained near multi-year highs. Oil prices rose further on reports of tighter Chinese fuel supplies, fueling persistent energy-driven inflation concerns, pushing yields higher and pressuring credit-sensitive sectors. Major banks fell, with RBC, BMO and Scotiabank down about 1%, while TD Bank and CIBC shed around 0.5%. Miners were mostly lower as gold prices pared earlier gains, with Barrick down more than 0.5% and WPM losing 1%. First Quantum was the main exception, rebounding by near 5% from a 15.3% plunge yesterday after a Panamanian government commission recommended formal talks on a new framework for the Cobre Panamá mine. Panama had previously urged the orderly closure of the mine.
The S&P/TSX Composite Index edged lower toward the 35,000 mark as a global bond rout pushed borrowing costs to multi-decade highs amid volatile oil prices. Global bonds extended their selloff, weighing on broader markets. The Canadian 10-year yield eased on Thursday but remained near multi-year highs. Oil prices rose further on reports of tighter Chinese fuel supplies, fueling persistent energy-driven inflation concerns, pushing yields higher and pressuring credit-sensitive sectors.
5%. 5% and WPM losing 1%. 3% plunge yesterday after a Panamanian government commission recommended formal talks on a new framework for the Cobre Panamá mine. Panama had previously urged the orderly closure of the mine.