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Highlights
- The S&P/TSX composite index ended the month 2.5 per cent lower on Thursday, September 30.
- This decline broke its seven-month streak of continuous gain.
- Canadian stock futures continued to note a decline on Friday morning amid weakened oil prices.
The S&P/TSX composite index ended the month 2.5 per cent lower on Thursday, September 30, snapping its seven-month streak of continuous gain.
At the end of the day, the benchmark stock index was down 88 points, or 0.44 per cent, at 20,070.25, which was its lowest close since July 20 this year.
Canadian stock futures continued to note a decline on Friday morning amid weakened oil prices and as investors awaited the latest gross domestic product (GDP) data.
Let’s see what events can influence the markets in Canada today, on Friday, October 1.
Oil prices weaken
Oil prices slipped below the mark of US$ 78 per barrel amid reports that the Organization of the Petroleum Exporting Countries (OPEC) may come up with a plan to expand energy output to ease supply crunch.
This, in turn, saw the December futures on the Canadian benchmark index dip by about 0.5 per cent around 7:00AM EST.
The S&P/TSX Capped Energy Index was trading in green, up by 0.32 per cent, on Thursday.
Also read: 5 TSX midcap stocks to buy
Canada’s latest GDP data
Canada is set to release the data for its GDP in the month of July 2021 on Friday. The anticipation around these numbers is likely to impact the stock markets at large.
In August, Statistics Canada reported a GDP expansion of 0.7 per cent for the month of June, which came after two consecutive months of declines.
The rise in GDP in June placed the country’s total economic activity 1.5 per cent below the pre-COVID level in February last year. It also saw 15 out of 20 industrial sectors perform better on a monthly basis.
Toronto-Dominion Bank (TSX:TD) stocks could be one to watch
Canada’s Toronto-Dominion Bank has reportedly become the first big lender in the country to increase its fixed mortgage rates since March this year.
The Ontario-based bank is said to have reversed its recent cuts in the wake of the US bond yields rising in the last week amid inflation expectations.
Canada’s latest manufacturing sales data
StatCan is also scheduled to publish the latest statistics on the manufacturing sales data for the month of September on Friday.
For September last year, the national data agency posted the following manufacturing sales data.
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