By Shashwat Chauhan
November 29 (Reuters) – Canada’s most important stock index arose on Wednesday as technology stocks rose on growing bets the US Federal Reserve would cut interest rates next Year, while energy stocks rose on higher crude oil prices.
At 9:44 a.m. ET (1444 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 23.62 points or 0.12% to 20,060.39.
Canadian technology stocks .SPTTTK added 0.6%, together with a 0.9% Profit in the technology-heavy US stock index Nasdaq .IXICas US Treasury yields hit multi-month lows.
Canadian government bond yields also fell on Wednesday.
“(In the U.S.) we’re seeing inflation falling and growth continuing, and that’s really driving the markets now,” said Allan Small, senior investment advisor at Allan Small Financial Group at iA Private Wealth.
“Unfortunately, we are not seeing such good growth here in our country.”
Domestic economic data is scheduled for later in the week – the third quarter gross domestic product (GDP) report and November employment figures – will be on investors‘ Observation list.
energy .SPTTEN rose 0.5% as crude oil prices rose ahead of an OPEC+ meeting to decide production policy, while supply disruptions from a Black Sea storm and lower U.S. inventories led to buying. OR
The report on personal consumption expenditure (PCE) in the United States – the Fed’s preferred inflation indicator – is due on Thursday, will be crucial for assessing the global economic situation.
Canada’s benchmark index is aiming for its best November performance since 2020 as sentiment rose on hopes that global interest rates may have peaked.
Among the individual stocks Alimentation Couche-TardATD.TO fell 4.0% after that The convenience store operator reported lower sales in the second quarter.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Pooja Desai)
((Shashwat.Chauhan@thomsonreuters.com;))
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