By Ketki Saxena
Investing.com - Canada's main stock index, the S&P/TSX composite index continued to decline today, as investors contend with the higher for longer interest rate narrative following hawkish minutes from the US Federal Reserve this week, and as China's economic woes continue.
The latest impetus on the China front is Evergrande's filing for bankruptcy protection in the U.S. after it revealed more than US$300 billion in liabilities a restructuring of over $31 billion. Evergrande's declaration follows concerns around another property sector player - Country Garden - and a consistent slew of weak economic data.
It isn't just the TSX that is struggling - South of the border, Wall Street indices are heading for a fourth consecutive day of losses with the Dow on pace for its worst week since March. The Nasdaq and S&P 500 meanwhile are set to end a third consecutive week in the red.
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In Canadian Economics
Statistics Canada announced that in July, the Industrial Product Price Index increased 0.4% month over month and fell 2.7% year over year. Meanwhile, the Raw Materials Price index rose 3.5% month over month in July and was 11.1% lower compared with July 2022.
As per the Teranet-National Bank composite index. Home prices in Canada continued to rise in July, up 2.4% month over month on a seasonally adjusted basis. July's increase marks the fourth consecutive monthly increase. July's figures also came in as the second highest month over month price increase on record, after July 2006.