By Ketki Saxena
Investing.com -- The TSX rallied today to its highest levels seen in over two months, as markets remain optimistic following the dip in domestic inflation levels, after data released on Tuesday indicated that Canada's annual inflation rate had dropped to 2.8% in June, a low not witnessed for 27 months.
Wall Street also continued to rally, as ambiguity surrounding second-quarter earnings from Goldman Sachs (NYSE:GS) did little to dampen investor spirits, and as investors instead focused on Instead, investors focused on robust profits reported by smaller sector players as lenders confirmed that increased interest rates have positively impacted their Q2 profits.
The commodity-heavy Canadian index was also supported by crude prices, as data revealed Russia's crude shipments hit a six-month low during the four weeks leading up to July 16th. This reduction suggests Moscow is honoring its commitment made within the OPEC+ coalition agreement aimed at curbing supplies.
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Dock workers operating along the Pacific coast rejected last week’s tentative wage deal and returned back to strike action on Tuesday according to statements from The International Longshore and Warehouse Union (ILWU). As strikes resume across ports nationwide there are heightened concerns around potential supply-chain disruptions potentially exacerbating existing inflation pressures.