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TSX down 0.6%
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TSX expected to rise weekly
(Updated at 9:48 a.m. ET/2:48 GMT)
Written by Shashwat Chauhan
Dec 15 (Reuters) – Canada’s main stock indexes on Friday eased a broader decline led by real estate stocks, but concerns that the U.S. Federal Reserve may cut borrowing costs next year The index was poised for weekly gains on rising expectations.
As of 9:48 a.m. ET (4:48 p.m. Japan time), the Toronto Stock Exchange’s S&P/TSX Composite Index was down 121.86 points, or 0.59%, at 20,656.94. Ta. Across the border on Wall Street, the session got off to a mixed start.
Top decliners included energy, which fell 1.2% after two previous spikes, while real estate fell 1.6%.
The benchmark index is on track to post a weekly gain of more than 1% as global risk appetite increases after the US Federal Reserve signaled earlier this week that it may consider cutting interest rates next year. ing.
But New York Fed President John Williams on Friday put a damper on those expectations by pulling back on market expectations for a rate cut. Traders cut bets on a rate cut in 2024 after William’s comments.
“We’ve probably seen some profit-taking just because we’ve had such a big rally since November 1st and the big moves we’ve seen in recent weeks,” said Greg Taylor, Purpose’s chief investment officer. It should be,” he said. investment.
On the data front, Canadian housing starts fell 22% in November from the previous month, while separate statistics showed business activity in the United States rebounded in December.
Looking ahead, the market is focused on comments from Bank of Canada Governor Tiff Macklem, who is scheduled to hold a press conference later in the day.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)