By Ketki Saxena
Investing.com -- The TSX tracked Wall Street higher today, as risk sentiment continued to improve following a drop in U.S. inflation rates, with investors betting that the Federal Reserve might soon cease its interest rate hike cycle.
June PPI showed an only marginal rise in producer prices within the United States, with the annual increase of producer inflation being at its lowest level in almost three years. The data comes hot on the heels of US CPI data that indicated a cooldown in consumer inflation yesterday.
The Biggest Stories on Bay Street
Barrick Gold (NYSE:GOLD) Corporation anticipates meeting its yearly copper and gold guidance after reporting sales of one million ounces of gold and 101 million pounds of copper during Q2, based on preliminary results. These figures were driven by second-quarter production numbers amounting to just over one million ounces of gold and 107 million pounds of copper. The complete details for Barrick's Q2 outcomes are slated for release on August 8th.
Torex Gold (TSX:TXG) Resources reported second-quarter production results, disclosing that it had produced about 107,507 ounces ("oz") worth of gold during Q2 while selling approximately 105749 oz within that same period. Despite these numbers contributing towards total first-half gold production reaching around 230425 oz., Torex still maintains their projected output between 440000-470000 oz for this year.
Analyst Upgrades and Downgrades
Gibson Energy (TSX:GEI) received an upgrade from ATB Capital Markets, elevating Gibson’s rating from “sector perform” to “outperform”.
Credit Suisse (SIX:CSGN) alongside CIBC (TSX:CM) upgraded ratings for Laurentian Bank of Canada (TSX:LB) after the country's ninth-largest lender announced it is reviewing strategic options.
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