Bank Of Canada Cuts Rates Again As Inflation, Labor Market Cool: Canadian Stocks Rebound, Loonie Strengthens
Portfolio Pulse from Piero Cingari
The Bank of Canada cut its key policy rate by 25 basis points to 4.25%, marking the third consecutive rate cut. This decision was anticipated due to cooling inflation and a slowing labor market. Canadian stocks and the Loonie strengthened, with notable gains in ETFs like iShares MSCI Canada ETF (EWC) and Franklin FTSE Canada ETF (FLCA).
September 04, 2024 | 3:51 pm
News sentiment analysis
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POSITIVE IMPACT
Bausch Health Companies Inc. (BHC) saw a 2.72% increase, likely benefiting from the positive market sentiment after the rate cut.
Bausch Health's stock price increase is likely due to the overall positive sentiment in Canadian markets following the rate cut.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Cameco Corporation (CCJ) saw a 3.58% increase, likely benefiting from the overall positive market sentiment following the rate cut.
Cameco Corporation's stock price increase is likely due to the overall positive sentiment in Canadian markets following the rate cut.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The iShares MSCI Canada ETF (EWC) rose 0.6% following the Bank of Canada's rate cut, reflecting investor optimism in Canadian equities.
The rate cut by the Bank of Canada led to a positive market reaction, boosting Canadian equities and consequently the EWC ETF, which tracks Canadian stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Franklin FTSE Canada ETF (FLCA) gained 0.7% after the Bank of Canada's rate cut, indicating positive sentiment in Canadian markets.
The FLCA ETF, which focuses on Canadian equities, benefited from the rate cut as it improved investor sentiment towards Canadian stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
TELUS Corp. (TU) experienced a 3.52% rise, reflecting the positive market reaction to the Bank of Canada's rate cut.
TELUS Corp.'s stock price increase is attributed to the positive market sentiment following the Bank of Canada's decision to cut rates.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60