TSX ends down 1.4% at 29,850.89<\/p>\n
Posts biggest decline since April<\/p>\n
Technology drops 4.3%, with Shopify down 8%<\/p>\n
Energy loses 3.3% as oil settles 4.2% lower<\/p>\n
(Updates at market close)<\/p>\n
TORONTO, Oct 10 (Reuters) – Canada’s main stock index posted on Friday its biggest decline since April as increased trade tensions between the United States and China provided a catalyst for profit-taking, and despite stronger-than-expected domestic jobs data.<\/p>\n
The S&P\/TSX composite index ended down 414.09 points, or 1.4%, at 29,850.89, its lowest closing level since September 26. For the week, the index was down 2%.<\/p>\n
Wall Street posted even sharper declines on Friday after U.S. President Donald Trump unleashed a string of bellicose threats against China in retaliation for Beijing tightening rare earth restrictions.<\/p>\n
“It is a reminder that trade policy uncertainty remains an important driver for markets,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.<\/p>\n
“There is a reason for some profit taking after a very strong run in almost a straight line, and as we all know markets rarely move in a straight line.”<\/p>\n
The TSX has advanced 20.7% since the start of the year and posted a record closing high as recently as Monday.<\/p>\n
“We are seeing those higher valuation parts of the market that are leading us to the downside today,” Kourkafas said.<\/p>\n
The high-flying technology sector dropped 4.3%, with shares of e-commerce company Shopify Inc dropping 8%.<\/p>\n
Energy was down 3.3%, as the price of oil settled 4.2% lower at $58.90 a barrel on growing confidence that the Gaza agreement between Israel and Hamas was taking hold.<\/p>\n
Canada’s economy added 60,400 jobs in September, easily eclipsing forecasts of a 5,000 increase.<\/p>\n
The data led to investors reducing bets on a Bank of Canada interest rate cut this month. Still, Canada’s 10-year yield eased 4.3 basis points to 3.169% as U.S. Treasury yields moved sharply lower.<\/p>\n
The decline in long-term borrowing costs helped the utilities sector, which added 0.9%. Consumer staples, another defensive sector, was up 1.1%.<\/p>\n
Aritzia Inc was a standout. The clothing retailer’s shares jumped 8.1% after the company’s quarterly results beat estimates. (Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Vijay Kishore and Alistair Bell)<\/p>\n","protected":false},"excerpt":{"rendered":"TSX ends down 1.4% at 29,850.89 Posts biggest decline since April Technology drops 4.3%, with Shopify down 8%…\n","protected":false},"author":3,"featured_media":242594,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[64,135,4126,150093,2024,16270,2022,67,132,68],"class_list":{"0":"post-293141","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-shopify","11":"tag-stock-index","12":"tag-technology-sector","13":"tag-trade-tensions","14":"tag-tsx","15":"tag-united-states","16":"tag-unitedstates","17":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115352402869134116","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/293141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=293141"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/293141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/242594"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=293141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=293141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=293141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}