A look at Wednesday morning’s market action
Global markets sunk as weak U.S. economic data fuelled concerns of an imminent slowdown and tech stocks were hit amid a record selloff for AI chipmaker Nvidia. TSX futures were also in negative territory ahead of the Bank of Canada’s interest rate policy announcement later this morning.
“The slowing U.S. growth and soft data boost the recession worries and rate cut expectations,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note. In Asia, Japan’s Nikkei closed 4.24 per cent lower, while Hong Kong’s Hang Seng dropped 1.1 per cent.Oil prices dropped, extending a plunge of more than 4 per cent yesterday and hovering at their lowest since December, on expectations that a political dispute halting Libyan exports could be resolved and concerns over sluggish global demand.
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