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TSX today: Stocks tank as recession fears grip investors - BNN Bloomberg

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Canada’s benchmark stock index opened sharply lower Thursday as investors grew increasingly concerned about a looming recession and reacted to negative earnings news from two big American financial services companies.

At 9:47 a.m., the S&P/TSX Composite Index was down 234.33 points to 18,380.86. Within an hour of the open of trading, losses on the index roughly doubled and the TSX traded more than two per cent lower as financial and resource stocks weighed.

“Central banks around the world are really hiking because they need the ammunition and wiggle room to reverse course and drop rates once we do see the economy start to slow.”“Bottoming processes do take time in the markets, it can take weeks, it can take months. But I do see through summer, until we curb inflation and get things under control, that we will continue to see markets swing in both ways,” said Gardner. “I do like financials as a sector from a valuation perspective.

 

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