Canadian Stocks Soar on Rotation into Techs
Canadian stocks closed dramatically higher, as market participants shifted funds from defensive sectors like the mining group and back into techs. TSE 300 rose 204.57 to 8805.40 driven by Financial Services, Communications & Media, Financial Services. Breadth was 856-411 positive. Investors piled back into equities after one of dreariest pre-announcement seasons in recent memory. Crude futures were higher on expected output cuts by OPEC. Precious metals were mixed.
European markets ended higher. The London Financial Times-Stock Exchange 100 index finished up 55 points, or 0.91%, at 6,114.90. In Germany, the DAX Index closed up 139.88 points, or 2.21%, at 6,459.95. Meanwhile, France's CAC 40 ended up 49.43 points, or 0.87%, at 5,702.78.
In Asia, equity markets finished down. Japan's Nikkei 225 Index closed off 231.58 points, or 1.72%, at 13,201.07. Hong Kong's Hang Seng index finished off 345.02 points, or 2.24%, at 15,090.77.