Wall Street, oil slide as investors eye rates, China economy
Canada’s main stock market posted on Tuesday its biggest decline since October after hotter-than-expected domestic inflation data and U.S. retail sales numbers fanned concerns of more interest rate hikes.
Wall Street stocks also fell after stronger-than-expected retail sales data stoked worries interest rates could stay higher for longer, while U.S. big banks dropped on a report that Fitch could downgrade some lenders. Suncor Energy is continuing talks with French oil major TotalEnergies about buying its nearly one-third stake in the Fort Hills oil sands mine, the company’s CEO said. Suncor’s shares were down 1.2%.
However, others argued the single surprise in economic data is likely not enough to fundamentally change Fed thinking.
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