“The negative sentiment was exacerbated by disappointing earnings from Google and Tesla, ahead of other key reports from the ‘Magnificent Seven’ in the upcoming weeks. The tech sector could be under heavy pressure in Asia today,” said Anderson Alves at ActivTrades. The Bank of Japan also meets Wednesday and markets imply a 70 per cent chance it will hike rates by 10 basis points to 0.2 per cent, with some chance it could move by 15 basis points. This coming week could very well set the path for markets over the near term,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
Scotiabank, ING bearish on Loonie as Canadian dollar loses further ground vs. USD
The Russell 2000 index of smaller stocks had leaped at least 1% in seven of the last 10 days, but dropped 2.1% on Wednesday. The larger challenge for Alphabet may have simply been how much its stock has already rallied, nearly 50% in the 12 months through Tuesday, on expectations for continual growth. Tesla was one of the heaviest weights on the market and tumbled 12.3% after reporting a 45% drop in profit for the spring, and its earnings fell short of analysts’ forecasts. Among the region’s technology shares, Samsung Electronics fell 1.8%, while Nintendo lost 2.6%.
Market notices
At their intra-day lows, both contracts were down by more than US$1. The front-month Brent contract traded at a low of US$78.67 and WTI at US$74.75, the weakest for both benchmarks since June 6. Oil traded at its lowest levels since early June on Tuesday as worries about demand in China offset the prospect of lower U.S. crude and product inventories. Canada’s main stock index also rose, led by gains in health care shares. The Toronto Stock Exchange’s S&P/TSX composite index was up 0.14 per cent at 22,812.12 at the open.
Climate change and the Bank of Canada
U.S. stock indexes suffered their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology. TOKYO (AP) — Asian shares dropped in Thursday morning trading, with Tokyo’s benchmark losing more than 1,000 points at one point and closing down more than 3%, as pessimism set in over a nose-dive on Wall Street. Brent crude fell by 0.97 per cent to US$79.01 a barrel while WTI crude was down 0.87 per cent at US$75.15.
Bitcoin CAD90,977.32-1,344.77(-1.46%)
The yield on the 10-year Treasury rose to 4.28% from 4.25% late Tuesday. The overall data suggested a “Goldilocks” scenario, where the economy is not so hot that it puts upward pressure on inflation but not so cold that it veers into a recession. Toyota Motor Corp. shares dropped 2% in morning trading, while Sony Group sank 4%. The Brent and WTI benchmarks lost 1.8 per cent and 3.7 per cent respectively last week on sagging Chinese demand and hopes of a Gaza ceasefire agreement. Oil prices were stable as fears of a widening conflict in the Middle East after a rocket strike in the Israeli-occupied Golan Heights put a floor under last week’s price losses.
Convert CAD to USD at the real exchange rate
The Canadian dollar was down about 1.27 per cent against the greenback over the past month. That wasn’t as steep as Tesla’s drop, but it was still the single heaviest weight on the S&P 500 because its total market value tops Tesla’s. A 1% move for Nvidia packs fixed assets ratio formula more punch on the index than a 1% move for any company other than Microsoft or Apple. The problem for Wall Street is that even if more stocks were to rise, they’ll need to do so by more than Big Tech stocks are falling because of the group’s huge influence.
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Check live rates, send money securely, set rate alerts, receive notifications and more. Global markets mostly pointed higher as traders awaited a flurry of tech earnings and central bank decisions. View, download data or use our lookup tool for our daily exchange rates. For exchange rates data prior to 2017, view our historical noon and closing rates. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
Need to know when a currency hits a specific rate? The Xe Rate Alerts will let you know when the rate you need is triggered on your selected https://www.1investing.in/ currency pairs. Alphabet dropped 5% even though it delivered better profit and revenue for the latest quarter than expected.
Authors and topics you follow will be added to your personal news feed in Following. A string of disappointing economic news from China, the world’s largest crude importer, has been weighing on commodity prices. Information is provided ‘as is’ and solely for informational purposes, not for trading purposes or advice.
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