MONEY IN BRIEF

Currencies

These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Wednesday. Quotations in Canadian funds. Australia dollar Brazil real China renminbi Euro Hong Kong dollar India rupee Indonesia rupiah Japan yen Malaysia ringgit Mexico peso N.Z. dollar Norway krone Peruvian new sol Russia rouble Saudi riyal Singapore dollar South Africa rand South Korean won Sweden krona Switzerland franc Taiwanese dollar Thailand baht Turkey lira U.K. pound U.S. dollar

Vietnam dong 0.9853 0.3503 0.2030 1.5295 0.1655 0.01921 0.000093 0.01176 0.3252 0.06286 0.9138 0.1620 0.3975 0.02079 0.3463 0.9725 0.09783 0.001197 0.1507 1.3178 0.04352 0.04043 0.2800 1.7356 1.2988 0.000057

Financial highlights

Highlights at the close Wednesday at world financial market trading.

Stocks:

S&P/TSX Composite Index – 16,265.82, down 23.16 points Dow – 25,201.20, down 119.53 points

S&P 500 – 2,775.63, down 11.22 points

Nasdaq – 7,695.70, down 8.09 points

Currencies:

Cdn – 76.99 cents US, up 0.09 of a cent

Pound – C$1.7356, down 0.42 of a cent

Euro – C$1.5295, down 0.16 of a cent

Euro – US$1.1776, up 0.02 of a cent

Oil futures:

US$66.64, up 28 cents

(July contract)

Gold futures:

US$1,301.30 per oz., up $1.90 (August contract)

Canadian Fine Silver Handy and Harman:

$22.974 oz., up 9.1 cents $738.61 kg., up $2.92

The markets today

TORONTO (CP) — Major North American indices fell after the Federal Reserve said it will raise interest rates this year more times than initially expected.

The Toronto Stock Exchange’s S&P/TSX composite index fell 23.16 points to 16,265.82.

In New York, the Dow Jones industrial average shed 119.53 points to 25,201.20. The S&P 500 index retreated by 11.22 points to 2,775.63 and the Nasdaq composite index lost 8.09 points to 7,695.70. The fall came after the Federal Reserve issued a statement saying it was raising its benchmark interest rate 25 basis points to two per cent – the second rate hike this year.

The Fed also announced it would raise rates another two times this year, bringing the 2018 total to four when many investors expected three.

“There’s going to be a lot more pressure on the Canadians right now if we’re seeing four rate hikes from the States to do at least one... if not two this year,” said Michael Currie, vice-president and advisor at TD Wealth. The Bank of Canada is expected to raise rates in July, said Currie, but now the likelihood that it will do so again before the end of 2018 has gone up. The Bank of Canada will have three more interest rate announcements after July 11.

The Canadian dollar averaged 76.99 cents US, up 0.09 of a US cent. The July crude contract gained 28 cents to US$66.64 per barrel.