Forex
Oil Price Retreat Boosts TSX Despite Rising Rate Hike Bets
Canada's main stock index, the S&P/TSX Composite Index, closed higher on Friday after oil prices retreated, offsetting concerns about interest rates following US inflation data.
The TSX ended at 35,697.49, up 191.21 points or 0.54%, recovering from a five-week low in the previous session.
Despite the move, major US stock indexes closed deep in negative territory for the week due to an ongoing sell-off in the bond market and rising rate hike bets.
The S&P 500 added 0.8% to settle at 7,654.52 points, while the NASDAQ Composite advanced 1% to conclude at 26,333.04 points.
The inflation data showed that US headline and core CPI ticked up 0.4% M/M and 0.3% M/M in August, compared to consensus estimates of 0.4% and 0.2%, respectively.