Canadian Stocks End Mixed
Canadian stocks mixed, as profit taking enters market after yesterday's rocket shot higher in wake of Fed easing. TSE 300 fell 32.08 after rising to 8905.70 earlier in session as steep losses in Utilities, Financial Services, Oil & Gas overcome gains in Industrial Products. Breadth was 719-521 positive. Market participants are now wondering if the Fed will cut rates at its meeting scheduled for end of January. GoC bonds are mixed following report that Canadian producer prices rose 0.6% in November due to rising petroleum prices, weaker Canadian dollar.
Global market reaction to the lowered Federal Funds rate was varied. In Europe, markets ended on a mixed note. The London Financial Times-Stock Exchange 100 index finished up 119.70 points, or 1.98%, at 6,159.60. In Germany, the DAX Index finished down 20.69 points, or 0.32%, at 6,414.27. Meanwhile, France's CAC 40 ended up 127.50 points, or 2.24%, at 5,811.55.
In Asia, Japan's Nikkei 225 Index closed down 94.20 points, or 0.68%, at 13,691.49. Hong Kong's Hang Seng index, meanwhile, ended up 645.45 points, or 4.42%, at 15,235.03.