TSX Hits Over a Week High Amid Soft US Producer Prices and Rate-Cut Bets
Tuesday, 13 August 2024, 12:39
Market Reaction to Soft US Producer Prices
In a noteworthy reaction to soft US producer prices, Canada's main stock index, the TSX, ended the day at its highest point in over a week. The soft inflation data from the United States invigorated investor sentiment, leading to a broad-based rally.
Sector Performance
- Technology stocks significantly contributed to the jump.
- Consumer Stocks followed closely, reflecting investor confidence.
- Financials were also a driving force behind the TSX's gains.
With this positive momentum, hopes for a potential rate cut are rising as inflation data continues to show signs of weakening.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.