By Ketki Saxena
Investing.com – The TSX tracked Wall Street in the red this morning, as investors continue to worry about high interest rates after Friday’s robust US employment numbers had investors betting on a more hawkish lean from the Federal Reserve after its rate hike decision left open the possibility for more than one further interest rate hike.
Investors are also awaiting a key speech from Federal Reserve chair Jerome Powell tomorrow, where he is due to speak at the Economic Club of Washington.
The commodity heavy Canadian index gained some support from crude prices buoyed by prospects for China's recovery. The IEA announced yesterday that it expects half global oil demand growth to come from China this year.
The Biggest Stories on Bay Street
Gold producer Newmont Corp announced it has made a $16.9 billion offer for the Australian company Newcrest Mining Ltd. The Australian miner said that it was considering the proposal, however initial comments from shareholders indicate they want a higher price. Iinvestors and analysts also say that Newmont has undervalued the target acquisition.
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In Canadian Economics
As per the Ivey Purchasing Managers Index, Canadian economic growth rallied in January at the sharpest pace in eight months. The index rose to 60.1, its highest since May. The historical data was revised to show that the index was at 49.3 in December, not 33.4. A reading above 50 indicates an increase in activity.