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Europe Scorched by Record Heatwave: France and Italy Take Emergency Measures

As a blistering heatwave tightens its grip on Europe, countries are scrambling to protect citizens from soaring temperatures and mounting health risks. France has shuttered over 1,350 schools  and closed the top floor of the Eiffel Tower as temperatures surged past 40°C (104°F)  in several regions. Sixteen French departments are now under the highest heat alert, with authorities urging people to stay hydrated and indoors during peak hours. Meanwhile, Italy has imposed restrictions on outdoor work , particularly in agriculture and construction, during the hottest parts of the day. Cities like Rome, Milan, and Venice are under red alerts, with hospitals reporting a spike in heat-related illnesses. The Mediterranean Sea has also hit record highs, with waters in Spain’s Balearic Sea reaching 30°C , up to 6 degrees above average. Scientists warn that Europe—already warming at twice the global average —is facing increasingly frequent and intense heatwaves due to climate change. New ...
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Toronto Stocks Decline Amid Surging U.S. Inflation Data

 

 Canada’s main stock index experienced a setback today, snapping a three-day winning streak. The decline came as bond yields surged following hotter-than-expected U.S. inflation data, which dampened hopes of an imminent rate cut by the U.S. Federal Reserve.

Key Points:

  1. Inflation Concerns: U.S. producer prices rose more than anticipated in February, driven by surging costs of goods like gasoline and food. This unexpected spike in inflation prompted bond yields to climb, impacting investor sentiment.

  2. Rate Cut Uncertainty: The market had been speculating about a potential rate cut by the Federal Reserve in the coming months. However, with the recent inflation data, those hopes have receded. Analysts now believe that the first rate cut may be postponed until at least June.

  3. Sectoral Impact: Communication services and technology stocks faced headwinds, contributing to the overall decline. Communication services fell 1.3%, hitting a fresh four-month low, while technology shares reversed course to fall 0.6%.

  4. Lithium Americas’ Boost: Shares of Lithium Americas surged 12.9% after the U.S. Department of Energy granted the miner a conditional commitment loan of $2.26 billion. The loan will finance the construction of its Thacker Pass project in Nevada.

  5. Canadian Factory Sales: In January, Canadian factory sales grew by 0.2% from December, driven by higher sales of motor vehicles and chemical products.

Despite the setback, market participants remain watchful, adjusting their expectations based on economic indicators. The Toronto Stock Exchange’s S&P/TSX composite index closed down 142.28 points (0.65%) at 21,827.83.


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