Aug 31 (Reuters) – Canada’s main \u200bindex fell to a more than one-week low on Monday \u200cas renewed Middle East hostilities and worsening trade ties with the U.S. dampened risk appetite, while gains in energy stocks helped cushion some losses.<\/p>\n
The S&P\/TSX Composite Index (.GSPTSE), lost 0.6% to \u200b36,344.52 points at 9:49 a.m. ET.<\/p>\n
The U.S. attacked Iran’s Larak Island \u200bin the Strait of Hormuz on Sunday and Tehran responded by \u2060attacking two U.S. air bases in Jordan, sending oil prices up over 3%.<\/p>\n
Energy \u200bstocks in Canada (.SPTTEN), rose 2.3%, the biggest boost to the TSX.<\/p>\n
Technology stocks (.SPTTTK), lost \u200b1.8%, with e-commerce giant Shopify (SHOP.TO), at the bottom of the benchmark index.<\/p>\n
The materials sector (.GSPTTMT), shed 2%, tracking a dip in prices of precious and base metals.<\/p>\n
The sector remains on \u200btrack to lead monthly gains, up over 25%. This has put the TSX \u200bon track for a fifth consecutive monthly gain, which could be its biggest since February.<\/p>\n
Developments \u200cin \u2060U.S.-Canada trade ties are also on investors’ radar.<\/p>\n
“There’s a bit of a tug of war going on right now. You’ve got the positive influence of higher commodity prices, offset by the fact that an elongated trade war with \u200bthe U.S. will have \u200bnegative ramifications for \u2060both countries’ growth and earnings,” said Art Hogan, chief market strategist at B. Riley Wealth.<\/p>\n
Markets awaited a crucial U.S. \u200bemployment report that could influence bets on the country’s interest-rate \u200bhike next \u2060month, after Federal Reserve Chair Kevin Warsh reiterated the central bank’s stance on fighting inflation in his Jackson Hole speech on Friday.<\/p>\n
The Bank of Canada will \u2060announce its \u200bnext policy decision on Wednesday and is \u200bwidely expected to keep interest rates on hold at 2.25%.<\/p>\n
Domestic employment figures and S&P Global’s business manufacturing \u200bsurvey will also be in focus this week.<\/p>\n
Reporting by Purvi Agarwal in Bengaluru<\/p>\n
Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/p>\n","protected":false},"excerpt":{"rendered":"Aug 31 (Reuters) – Canada’s main \u200bindex fell to a more than one-week low on Monday \u200cas renewed…\n","protected":false},"author":2,"featured_media":190016,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6244,6232,17,6237,6239,6231,6242,6235,6233,6236,381,1632,6243,6234,6223,6245,6228,6246,6230,6225,6226,6224,6227,113,6229,6241,6247,1633,6240,6238],"class_list":["post-190015","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-bank-forecasts","tag-bitcoin-news","tag-canada","tag-central-banks","tag-charts","tag-crypto-news","tag-currency","tag-economic-reports","tag-ethereum-news","tag-forecasts","tag-global-economy","tag-gold","tag-international-policy","tag-interviews","tag-kitco-news","tag-market-nugget","tag-metals","tag-mining-minutes","tag-mining-news","tag-palladium","tag-pgm","tag-platinum","tag-platinum-group-metals","tag-politics","tag-precious-metals","tag-rare-earth-metals","tag-roundups","tag-silver","tag-tech-metals","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/190015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=190015"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/190015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/190016"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=190015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=190015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=190015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}