By Ketki Saxena
Investing.com -- The TSX rose in late afternoon trading, buoyed by the financial sector as US regional banks rebounded. The commodity heavy Canadian index was moderately pressured by crude prices, as worries of a recession outweighed optimism around Saudi production cuts.
Investor sentiment remains uncertain ahead of next week's policy announcement by the US Federal Reserve, at which another rate hike is expected.
Canadian investors meanwhile will be watching for the Bank of Canada's decision tomorrow. A majority of surveyed economists predict that the Bank of Canada will maintain its interest rate at 4.5% during Wednesday's policy meeting according to a Reuters poll; however, concerns surrounding high inflation and a robust labor market leave room for potential rate increases.
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Teck Resources (TSX:TECKa) says it has several indications of interest for its spin-off steelmaking coal business, and that it will evaluate all "actionable, value-accretive proposals".
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In Canadian Economics
.Canadian economic activity expanded at its slowest pace in three months according to Ivey Purchasing Managers Index (PMI) data released on Tuesday.
As per Statistics Canada, April saw an 18.8% decrease in Canadian building permits compared to March—the lowest level since December 2020—indicating slowed construction activities across the nation.