Canada's main stock index opened higher on Friday, with positive domestic GDP and in-line U.S. inflation data leading to investor optimism.
The TSX Composite Index leaped 63.31 points to begin Friday at 29,795.29.
On the week so far, the TSX has gained 28 points, or 0.9%.
The Canadian dollar backtracked 0.11 cents to 71.74 cents U.S.
U.S. President Donald Trump announced a fresh set of tariffs on branded drugs, heavy-duty trucks and kitchen cabinets that are set to come into effect next week.
Meanwhile, Canada Post workers went on a nationwide strike on Thursday after the government called for a widespread transformation in a bid to modernize operations and strengthen finances.
Canada's anti-money laundering agency imposed its largest ever penalty of $19.6 million on Peken Global Limited, operator of one of the world's largest cryptocurrency exchanges, KuCoin.
On the economic front, Statistics Canada said GDP rose 0.2% in July, up for the first time in four months.
ON BAYSTREET
The TSX Venture Exchange gained 6.92 points to 927.10.
On the week so far, the index has surged 22 points, or 2.5%.
All but one of the 12 subgroups were positive in the first hour, by the close, as utilities jumped 0.8%, gold moving higher 0.6%, and energy climbing 0.4%.
Only information technology stocks moved backwards, and 0.6% at that.
ON WALLSTREET
The Dow Jones Industrial Average was higher on Friday following the release of crucial inflation data.
The 30-stock index flew 228.97 points to 46,176.29.
The much-broader index dropped 17.15 points to 6,621.87.
The tech-heavy NASDAQ fell 12.71 points to 22,371.99.
The market’s third consecutive day in the red on Thursday was spurred by continued losses in software giant Oracle and other artificial intelligence players amid questions over the strength of the AI trade.
Week to date, the S&P 500 is down 0.7%. The tech-heavy NASDAQ has lost more than 1% while the Dow has shed 0.3%. Oracle is also down more than 6% for the week.
August’s personal consumption expenditures price index, the Federal Reserve’s preferred inflation measure, showed that core inflation – a measure excluding food and energy costs – ran at a 2.9% seasonally adjusted annual rate.
That was in line with what economists polled by Dow Jones were expecting.
The all-items index showed an annual rate of 2.7% as well as a monthly gain of 0.3%, in line with expectations as well. Markets continue to price in two quarter-point rate cuts at the Fed’s upcoming meetings, which is what the central bank has projected.
Prices for 10-year Treasury were static at Thursday’s 4.19%.
Oil prices regrouped 63 cents to $65.61 U.S. a barrel.
Gold prices hiked $27.40 to $3,798.50 U.S. an ounce.
Dow Zooms Following Inflation Report
