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Opening Bell: TSX Flat as Gains in Crude Weigh Against Bearish Sentiment

Stock Markets Jun 29, 2022 09:58
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© Reuters

By Ketki Saxena  

Investing.com -- At the opening bell in Toronto, the S&P/TSX Composite Index was at 19,220.65 or up 0.01%  as  gains in energy helped buoy the commodity-heavy Canadian index relative to its counterparts south of the border. 

Crude rose for the fourth day on worries of tight supply that are overshadowing concerns of a global slowdown. The crude market continues to gain support from a new round of EU sanctions on Russia, maxed out capacity from top producers Saudi Arabia and the UAE. Analysts at JP Morgan note that at the moment, 1/5 of global oil-producing capacity is under some form of sanctions (Iran, Venezuela, Russia).

U.S. indices, however, turned lower as sentiment took another bearish pivot following US GDP that reflected a contraction in the economy in the first quarter, amid a record trade deficit, further heightening concerns of a recession.  

Meanwhile, Fed policymakers including the Presidents of the New York, San Francisco, and Cleveland Feds continue to call for faster rate-hike action to rein in inflation. Investors will now be awaiting remarks from Jerome Powell today at the European Central Bank forum for further direction. 

U.S. bond yields retreated, the dollar strengthened, and the VIX - Wall Street’s fear gauge - rose moderately.

Cryptocurrencies slid again following the collapse of hedge fund Three Arrows Capital with Solana and Avax amongst the altcoins leading losses, and Bitcoin trading below $20,000.  

Here’s a snapshot of markets at the open:

Indices: 

Commodities: 

Bonds and Currencies: 

Cryptocurrencies: 

Opening Bell: TSX Flat as Gains in Crude Weigh Against Bearish Sentiment
 

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