India, Aug. 13 -- Canadian stocks moved higher on Wednesday as expectations of a US Fed rate cut in September increased due to the latest economic data.
After opening just above previous close, the benchmark S&P/TSX Composite Index moved up to reach an intraday high of 28,063.73 within an hour. However, it gave back ground to finally settle at 27,993.43, up by 72.17 points (or 0.26%). This is still a fresh record for the index.
Days before, China had announced 75.8% tariffs, which will be effective from tomorrow, on Canadian canola imports.
China mainly uses imported canola to make animal feed for its aquaculture. This is a retaliatory measure against Canada's imposition of tariffs on Chinese electric vehicles entering Canada last August...