Canada’s main stock index ended down Monday on widespread losses driven by rising concerns about economic growth that also pushed U.S. markets lower.
“Chairman Powell seemed to allude to the fact that they’re not really concerned if there’s a recession, it’s just all about inflation, he’ll do whatever it takes, which really means interest rates will just kind of go up and up. Most firms are upgrading how high their rates are going to go, and it seems that for just about everything, higher rates are bad news.”
The darkening outlook left the S&P/TSX composite index down 153.94 points at 18,327.04 on Monday, making for a loss of about a thousand points since the last week’s Fed decision, and more than 1,800 points since Powell hinted at much the same at Jackson Hole in late August. Utilities, base metals and telecoms also declined, while industrials and information technology made modest gains.