Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Canada's main stock index was down almost 150 points Monday with broad-based losses, while U.S. stock markets retreated further from last week's gains.
The S&P/TSX composite index was down 142.37 points at 20,572.11.
In New York, the Dow Jones industrial average was down 260.99 points at 33,717.09. The S&P 500 index was down 52.79 points, or 1.3 per cent, at 4,017.77, while the Nasdaq composite was down 227.90 points, or almost two per cent, at 11,393.81.
Last week was strong for markets, especially in the U.S., on optimism that central banks were nearing the end of their rate-hike cycles, said Les Stelmach, senior vice-president and portfolio manager at Franklin Templeton Canada.
"There's an expectation inflation's turning the corner," said Stelmach.
"Maybe a pause or a reversal of tightening is what people are starting to bet on."
The Nasdaq, particularly sensitive to interest rate sentiment, gained more than four per cent last week.
With no major catalyst Monday, Stelmach said markets appeared to give up some of their gains in anticipation of a big news week ahead.
The Federal Reserve is set to announce its first interest rate decision of the year Wednesday, and is widely expected to hike again, but smaller than previous increases, echoing the Bank of Canada's quarter of a percentage point hike last week.
Equally important will be the messaging from the central bank about where it intends to take interest rates for the rest of the year.
This week will also see earnings reports from major U.S. tech names like Apple, Amazon, and Google's parent company.
The Canadian dollar traded for 74.87 cents US compared with 75.11 cents US on Friday.
With oil prices down Monday, the TSX energy index was down more than two per cent, while other index heavyweights like financials and industrials saw much smaller losses, helping stave off a larger slide. Meanwhile, technology also lost more than two per cent.
The March crude contract was down US$1.78 cents at US$77.90 per barrel and the March natural gas contract was down 17 cents at US$2.68 per mmBTU.
The April gold contract was down US$6.40 at US$1,939.20 an ounce and the March copper contract was down two cents at US$4.20 a pound.
This report by The Canadian Press was first published Jan. 30, 2023.
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
The U.S. paused a shipment of bombs to Israel last week over concerns that Israel was approaching a decision on launching a full-scale assault on the southern Gaza city of Rafah against the wishes of the U.S.
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Whether passionate about Poirot or hungry for Holmes, Winnipeg mystery obsessives have had a local haunt for over 30 years in which to search out their latest page-turners.
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.