Canadian Stocks Rally Behind Techs
Canadian stocks closed higher as techs rallied on the belief that the worst is over. In addition, the Philadelphia Fed January business index fell to a ten-year low, igniting speculation the Fed could deliver another 50bp cut at its next meeting. TSE 300 rose 19.73 to 8899.10, led higher by Industrial Products, Utilities, but gains dramatically limited by sharply weaker Oil & Gas after API reported build in crude inventories, Financial Services also fell. Breadth was 758-518 positive. GoC bonds were mixed, with shorter-dated issued higher.
European markets closed mixed. London's Financial Times-Stock Exchange 100 index ended up 12.50 points, or 0.20%, to 6,209.90. In Germany, the DAX Index was down 17.62 points, or 0.26%, to 6,635.76. Meanwhile, France's CAC 40 ended with a loss of 23.93 points, or 0.41%, at 5,860.16.
The Asian markets finished up. Japan's Nikkei ended higher by 206.29 points, or 1.51%, at 13,873.92. Hong Kong's Hang Seng Index finished with a gain of 267.27 points, or 1.75%, at 15,528.75.