News Formal

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

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 50%

Business News News

Business Business Latest News,Business Business Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

TSX today: Energy stocks drop as oil falls below US$100 - BNN BloombergCanada’s benchmark stock index fell mid-day Tuesday as weaker crude prices weighed on major energy companies.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

TSX today: Stocks pare some losses after historic BoC rate hike - BNN BloombergCanada’s benchmark stock index pared some of its losses but still closed in negative territory in the wake of the Bank of Canada historic full-point interest rate hike Wednesday.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Oil falls to three-month low as recession fears spook market - BNN BloombergOil tumbled as concerns about a global economic slowdown and growing COVID-19 cases in China reduced traders’ appetite for risk.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Stocks swoon as Treasuries sound recession alarm - BNN BloombergStocks slumped ahead of a key inflation report, with the Treasury curve inversion deepening to levels last seen in 2007 amid fears that rate hikes will sink the economy into a recession.
Source: BNNBloomberg - 🏆 83. / 50 Read more »