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TSX continues fall, joins global equity sell-off
Canadian stocks slumped a fifth day on Thursday joining a sell-off in markets around the world amid waning confidence central banks can support the global economy, as commodities prices fall and growth stalls.
Investors ignored a second day of testimony from Janet Yellen, whose signal that the Federal Reserve won’t rush to raise rates in the face of market turmoil failed to stem a sell-off in risk assets from bank shares to crude oil and emerging-market currencies. The yen leaped to its highest in more than a year. Major sovereign bond markets rallied, pushing 10-year Treasury yields toward 1.6 per cent. Gold rose beyond $1,200 an ounce.
Signals by central banks from Europe to Japan that additional stimulus is at the ready are failing to ease investor concern that global growth will keep slowing. Citigroup’s Economic Surprise Index already indicates data in Group of 10 economies are falling short of estimates by the most since April 2013, and a sell-off in crude oil and weakening credit markets are exacerbating the malaise. Ms. Yellen suggested that the central bank might delay, but not abandon, planned interest-rate increases in response to recent turmoil in financial markets.
TSX continues fall, joins global equity sell-off - The Globe and Mail
TSX continues fall, joins global equity sell-off
Canadian stocks slumped a fifth day on Thursday joining a sell-off in markets around the world amid waning confidence central banks can support the global economy, as commodities prices fall and growth stalls.
Investors ignored a second day of testimony from Janet Yellen, whose signal that the Federal Reserve won’t rush to raise rates in the face of market turmoil failed to stem a sell-off in risk assets from bank shares to crude oil and emerging-market currencies. The yen leaped to its highest in more than a year. Major sovereign bond markets rallied, pushing 10-year Treasury yields toward 1.6 per cent. Gold rose beyond $1,200 an ounce.
Signals by central banks from Europe to Japan that additional stimulus is at the ready are failing to ease investor concern that global growth will keep slowing. Citigroup’s Economic Surprise Index already indicates data in Group of 10 economies are falling short of estimates by the most since April 2013, and a sell-off in crude oil and weakening credit markets are exacerbating the malaise. Ms. Yellen suggested that the central bank might delay, but not abandon, planned interest-rate increases in response to recent turmoil in financial markets.
TSX continues fall, joins global equity sell-off - The Globe and Mail