Ringing the Changes: TSX Dips as U.S. Tax Bill Approaches
Canada’s primary stock index retreated from its all-time peak on Wednesday, with investors remaining wary due to continuous trade negotiations and discussions about significant U.S. tax legislation. Financial stakeholders are keeping an eye on the G7 finance ministers’ gatherings happening in Canada, searching for indications that a depreciated U.S. dollar could aid advancements in trade dialogues.
At the same time, in the United States, Republican legislators are striving to complete a budget proposal designed to decrease taxation. Nevertheless, this plan faces opposition from some GOP members who advocate for more substantial write-offs on state and local taxes. Additionally, investors are worried that the suggested bill might result in an increased national debt.
The Canadian dollar was trading at 72.13 cents US, up from 71.89 cents US on Tuesday.
US crude futures were trading $0.62 down at US$61.41 per barrel, while the Brent contract dropped $0.65 to reach US$64.73 a barrel.
The cost of gold increased by US$41.17 to reach US$3,323.78.
In global markets, the Nikkei decreased by 230.51 points to reach ¥37,298.98, the Hang Seng increased by 146.30 points to stand at HK$23,827.78, the FTSE rose by 5.34 points to hit ₤8,786.46, and the DAX gained 86.29 points to settle at €24,122.40.
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