By Ketki Saxena
Investing.com -- The TSX reached its lowest point in nearly three months, tracking Wall Street's primary indexes lower as investors worry about further rate hikes from central banks, after the Bank of Canada's meeting minutes this week, a hawkish tone from U.S. Federal Reserve Chair Jerome Powell at his congressional testimony, and an unexpected 50-basis-point increase from the Bank of England.
The commodity-heavy Canadian index was also pressured by crude prices due to concerns that higher interest rates may persist over time, and pressure demand for the commodity.
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Canopy Growth (TSX:WEED) reported an expanded fourth-quarter net loss of $648 million compared with $707 million last year, primarily attributed to asset impairment and restructuring costs totaling $164 million during this period. Canopy's Q4 net revenue fell by 14% down to $88 million because of increased competition within the Canadian adult-use cannabis market.
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As per a Bloomberg survey, Economists predict that the Bank of Canada will implement another 25 basis points hike in borrowing costs before concluding its tightening cycle, taking its key overnight rate to 5% in the third quarter. Growth expectations for 2023 saw an upward revision from 1% to 1.3%, while forecasts for next year have been slightly reduced to 0.7%.