@ the Bell: TSX sinks as Canada promises defence spending increase
After scoring a record high in the previous session, Canada's main stock index lost ground on Wednesday thanks to compounded losses from multiple key sectors. Investors continue to assess the on again / off again ceasefire between Iran and Israel as Canada pledged to spend 5 per cent of its GDP on defence by 2035 in a pact with NATO leaders.
American indices continue to hover near record levels as financial markets take a breather after two strong sessions, driven by optimism that the Israel-Iran conflict won't disrupt the global crude oil supply. Asian markets closed higher while Euro markets were down.
The Canadian dollar traded for 72.86 cents US compared to 72.87 cents US on Tuesday.
US crude futures traded $0.82 higher at US$65.19 a barrel, and the Brent contract rose $0.76 to US$67.90 a barrel.
The price of gold was up US$14.32 to US$3,333.05.
In world markets, the Nikkei was up 151.51 points to ¥38,942.07, the Hang Seng was up 297.60 points to HK$24,474.67, the FTSE was down 40.24 points to ₤8,718.75, and the DAX was down 143.25 points to €23,498.33.
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