00:16:38 EDT Fri 17 May 2024
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Globe/wire say TSX moves lower on Chinese GDP data

2023-07-18 09:19 ET - In the News

The Globe and Mail reports in its Tuesday edition that Canada's main stock index edged lower Monday as weaker-than-expected Chinese economic data dragged materials and energy stocks down. A Reuters dispatch to The Globe says that U.S. markets ended in the green. The S&P/TSX composite ended down 35.28 points at 20,226.79. China's gross domestic product grew 6.3 per cent year on year in the second quarter, compared with analyst forecasts of 7.3 per cent, raising doubts over the strength of demand in the world's second biggest oil consumer. "Oil won't catch a bid unless China finally unleashes meaningful stimulus that propels large parts of the economy," said analyst Edward Moya at Oanda in a note. Oil settled 1.7 per cent lower at $74.15 (U.S.) a barrel, while the energy sector ended 1 per cent lower. On Wall Street, companies scheduled to report earnings this week include Tesla and Netflix, while more big banks in the form of Bank of America, Morgan Stanley and Goldman Sachs are also set to post results. Tesla gained 3.2 per cent after the company said it had built its first Cybertruck, after two years of delays. In contrast, Ford tumbled 5.94 per cent after the automaker cut the price of its F-150 Lightning trucks.

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