By Ketki Saxena
Investing.com -- Canada's main stock index, the S&P/TSX Composite index declined for a third consecutive day, tracking Wall Street lower as US jobless claims came in lower than expected. The jobless claims data is amongst a series of recent releases stoking worries of a Fed that has room to be more aggressive as the US economy continues to remain resilient.
The commodity-heavy Canadian index was also pressured by crude oil and metal prices after data showed China's imports and exports fell in August.
Canadian Stock Market News
BlackBerry (TSX:BB) shares tumbled after it forecasted a 21.4% decline in second-quarter revenue, largely due to weakness in the cybersecurity segment. Compared to analyst expectations for $150.5 million in Q2 revenue, BlackBerry is expecting sales of $132M.
Peyto Exploration (TSX:PEY) & Development shares fell 2.4%, after the company announced it has agreed to buy Spanish energy company Repsol (BME:REP)'s assets in Canada for $468 million.
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In Canadian Economics
After holding rates at 5% yesterday, Bank of Canada Governor Tiff Macklem today stated that interest rates may not yet be high enough to curb above target inflation. "Monetary policy is not yet restrictive enough to restore price stability", Mr. Macklem noted, "And unfortunately, the longer we wait, the harder it's likely to be to reduce inflation."
Ivey Purchasing Managers Index (PMI) data showed that Canadian economic activity expanded in August after a contraction in July with the seasonally adjusted PMI rising to 53.5 from 48.6 in July. A reading above 50 indicates an increase in activity.
Meanwhile, Statistics Canada reported that the value of domestic building permits fell by 1.5% in July from June.
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All currencies CAD, unless stated otherwise.