Canada's main stock index climbed on Tuesday as a rise in gold and crude prices lifted energy and material stocks, while focus turned to domestic bank earnings amid worries over faster monetary policy tightening and a potential recession.
The TSX picked up 33.11 points nearing noon hour EDT Tuesday to 20,008.03.
The Canadian dollar recovered 0.6 cents to 77.23 cents U.S.
Shares of Bank of Nova Scotia fell $2.94, or 3.6%, to $77.84, after the lender reported third-quarter profit a touch below estimates, but earnings rose from a year earlier as strong loan growth in its international business.
Canadian banks are expected to post declines in quarterly profits on average as a murky economic outlook drives up provisions for credit losses, while market turmoil pressures capital markets and wealth management results.
ON BAYSTREET
The TSX Venture Exchange gained 8.27 points, or 1.3%, midday to 650.97
Eight of the 12 TSX subgroups were lower, as information technology fell 1.3%, while health-care and industrials each lost 0.8%.
The four gainers were energy, up 3.4%, materials better by 2.4%, and gold soaring 1.5%>
ON WALLSTREET
The Dow Jones Industrial Average fell Tuesday following its worst day since June as investors braced for a hawkish message from the Federal Reserve.
The blue-chip index reeled 102.29 points to 32,961.32.
The S&P 500 eked up 1.76 points to 4,140.03.
The NASDAQ Composite remained afloat 31.81 points, to 12,413.19.
Health-care, real estate and utilities were the worst performers in the S&P 500. Meanwhile, energy was the biggest winner in the broader market index, up 4% on the back of rising oil prices.
Palo Alto Networks surged 9% on the back of strong quarterly results, while Zoom Video shares slumped 13% after the video conferencing company lowered its full-year forecast.
The Commerce Department reported sales of new homes tumbled in 12.6% in July, bringing the sales count to a seasonally adjusted annualized rate of 511,000.
Treasury prices gained ground, lowering yields to 2.99% from Monday’s 3.03%. Treasury prices and yields move in opposite direction.
Oil prices tallied $3.45 to $93.81 U.S. a barrel.
Gold prices leaped $16.90 to $1,765.30 U.S. an ounce.
