By Ketki Saxena
Investing.com -- Canada's main stock market index, the S&P/TSX Composite index rallied today, after retail sales data eked out a gain but raised concerns about a slowdown in consumer spending, lowering the case for a further rate hike from the Bank of Canada.
Markets are now placing a nearly 83% probability of the BoC maintaining its current interest rates at the forthcoming September meeting, compared to a 73% chance prior to the data release.
The commodity-heavy TSX was also supported by gains in miners, supported by an increase in gold prices. The TSX was however pressured by crude prices, which slid on disappointing global manufacturing figures.
Toronto Stock Markets News
Investors are now awaiting quarterly earnings announcements from major banks such as Royal Bank of Canada (TSX:RY) and Toronto-Dominion Bank (TSX:TD), which will kick off the big banks earnings season on Thursday. Analysts are widely expecting headwinds for the banks this earnings season, as higher interest rates and regulatory pressure weigh slowing deal making activity and pushing up provisions for credit losses.
Business software giant Open Text (TSX:OTEX) Corp announced it has successfully acquired KineMatik—an Ireland based specialist in business process and project management solutions—the financial details remain undisclosed.
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In Canadian Economics
Data released recently reveals that June saw a slight increase—0.1%—in Canadian retail sales compared to May; thanks largely to car sales—a potential indicator that consumers might be tightening their belts as possible effects of previous interest rate hikes start showing up.
Data also points towards July likely seeing a slightly stronger growth rate at approximately 0.4%.