By Ketki Saxena
Investing.com -- At 9:55 a.m in Toronto, the S&P/TSX Composite Index was at 20,734.23 points, down 0.28% in the day’s trading shortly after the opening bell.
Canadian equities continue to be dominated by worries of inflation and aggressive monetary policy tightening on both sides of the border, ahead of CPI data expected in the U.S. tomorrow, which is expected to provide further insights on Fed policy. Canadian employment data for May is also due on Friday, guiding expectations for the Bank of Canada’s monetary policy outlook.
The Bank of Canada today will also release a review of the central bank’s financial system this morning followed by a press conference. The bank is expected to provide its view on systemic risks in a rising rate environment, including housing and household debt.
Canada’s commodity-heavy index was also pressured by weakness in crude following news of new Covid-19 restrictions in Shanghai, just a few days after the Chinese industrial hub began its reopening. The index was also pressured by sliding gold prices as U.S. Treasury yields remained high and the dollar strengthened. Here’s a snapshot of markets at the open:
Indices:
- S&P/TSX 60: -0.48%
- S&P/TSX Venture Composite: -1.15%
- S&P500: -0.47%
- Dow Jones: -0.44%
- Nasdaq: -0.70%
- CBOE Volatility Index (Wall Street’s Fear Gauge): +3.38%
Commodity Futures:
- Crude: -0.77% at $121.17
- Brent: -0.47% at 123.00
- Natural Gas: -7.40% at $8.055
- Gold: -0.33% at $1,850.30
- Silver Futures: -1.14% at $21.843
Bonds and Currencies:
- US Dollar Index Futures: +0.05% at $102.59
- USD/CAD: +0.31% at $1.2595
- Canada 5 year: +0.033 points at 3.240%
- Canada 10 year: +0.026 points at 3.299%
- United States 10-Year -0.06% at 3.023%
Cryptocurrencies: