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Canada’s main stock index rebounded on Monday after a sharp selloff last week, led by a jump in oil prices, while investors awaited Federal Reserve Chairman Jerome Powell’s comments later this week for clues on interest rates. The TSX gained 19.84 points to open Monday and the week at 19,838.23, after a week in which the index parted way with 2.9% of its strength. The Canadian dollar gained 0.08 cents to 73.92 cents U.S. Investors will keep a close eye on the retail sales data for June on Wednesday to assess the strength of Canadian consumer spending against the backdrop of high interest rates. Prime Minister Justin Trudeau said on Sunday that Canada is sending the military to tackle fast-spreading wildfires in British Columbia as the western province deals with flames that have led to evacuation orders for more than 35,000 people. ON BAYSTREET The TSX Venture Exchange dipped 0.40 points to 585.71, after a week of 3.5% losses. Seven of the 12 TSX subgroups were lower, weighed most by utilities, off 0.9%, real-estate, faltering 0.6%, and gold, off 0.3%. The five gainers were led by information technology, jumping 0.7%, energy, rumbling 0.5%, and materials, up 0.3%. ON WALLSTREET […]
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