By Ketki Saxena
Investing.com -- Toronto's main stock index, the S&P/TSX Composite index, fell to near two-week lows following a hotter-than-expected domestic inflation reading, and tracking Wall Street lower after stronger-than-expected retail sales numbers raised concerns of more interest rate hikes from the US Federal Reserve.
U.S. retail sales were up 0.7% in July, compared to economist expectations for a 0.4% gain.
The commodity-heavy TSX was also pressured by crude prices driven by China worries, as China cut its one-year rate by 15 bps, the largest cut since the beginning of the COVID-19 pandemic following lackluster retail sales and industrial output data.
Toronto Stock Market News
Suncor (TSX:SU) reported a net income of $1.88 billion down from $4 billion in the same period last year, while on a per share basis it reported $1.44 versus $2.84 a year prior.
Adjusted funds from operations came in at $2.655 billion, compared to $5.345 billion in the prior-year quarter.
For all earnings, view our earnings calendar.
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In Canadian Economics
Canadian inflation rose 3.3% in July, compared to 2.8% in June. On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June. On a seasonally adjusted monthly basis, the CPI rose 0.5% in July.
Canadian home prices rose by about 6.3% year over year. Month over month on a seasonally adjusted basis, home prices were down two percent from June’s figure, settling at $690,867.
Canadian manufacturing sales fell 1.7% to $71.5 billion in June, led by a drop in sales in the petroleum and coal product, chemical and machinery subsectors.
For all Canadian economic releases, view our economic calendar.