Equity markets in Canada’s largest centre rose on Wednesday at the opening bell, hours after U.S. House Speaker Nancy Pelosi left Taiwan, following a visit which heightened Sino-U.S. tensions, while higher gold prices buoyed miners.
The TSX began Wednesday gained 60.97 points, to 19,566.30.
The Canadian dollar improved 0.28 cents to 77.87 cents U.S.
Britain's competition regulator said on Wednesday that Canadian cloud-based software firm Dye & Durham should sell U.K.-based TM Group after its investigation identified competition concerns.
DND shares leaped 38 cents, or 2%, to $19.21.
ON BAYSTREET
The TSX Venture Exchange gained another 2.5 points to 657.26.
Eight of the 12 TSX subgroups progressed in the first hour, led by information technology, up 2.5%, health-care, haler by 2.3%, and real-estate, nosing up 0.7%.
The four laggards were weighed most by utilities, down 0.8%, consumer staples, off 0.6%, and communications, backpedaling 0.3%.
ON WALLSTREET
U.S. stocks rose Wednesday, as traders tried to regain their footing following back-to-back losing sessions.
The Dow Jones Industrials recouped 238.52 points to begin trading Wednesday at 32,634.69,
The S&P 500 regained 40.16 points or 1%, to 4,131.35.
The NASDAQ Composite surged 218.52 points, or 1.8%, to 12,567.27.
Earnings season continued, giving investors hope that the market can recover. Moderna and CVS Health both rose after reporting earnings beats.
Traders are also anticipating another batch of second-quarter earnings. Lucid Group and Spirit AeroSystems report after the bell.
Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told reporters Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.
Traders shook off anxiety that House Speaker Nancy Pelosi’s visit to Taiwan could further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip.
Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.
In economic data, investors this week are awaiting PMI data out Wednesday. They will also be watching the July non-farm payrolls report, due Friday.
Treasury prices fell first thing Wednesday, raising yields to 2.81%, from Tuesday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices eked up one cent to $94.43 U.S. a barrel.
Gold prices slipped $7.70 to $1,782.00 U.S. an ounce.
