As of closing Wednesday, Canada’s main stock index has dropped 12 per cent from the all-time high it hit in the spring. Bond markets, which typically move in the opposite direction to stocks, also fell sharply after central banks around the world aggressively raised interest rates to curb rising inflation.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In response, stock markets lost steam and started to backpedal. The S&P/TSX composite hit a closing low for the year at 18,206.28 on Oct. 12 followed by an intraday low of 17,873.18 a day later on Oct. 13. Though it has climbed above the 19,500 mark over the past few months, a December stock boost has failed to materialize this year.
Some tech companies saw growth during the pandemic that supported those valuations, Mahajan said, but the trends started to cool during the reopening phase.Article content Headed into the new year, economic headwinds remain as economists point to the possibility of a recession to start the year. “As we kind of get through the first quarter or two quarters of 2023 we do think that those parts of the market may continue,” she said.
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