Canada's main stock index ended down almost 400 points in the third straight day of downward movement amid better-than-expected employment numbers and expectations of further rate hikes on both sides of the border.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said markets were hit hard Friday, particularly in the US.
The Canadian economy saw a modest bump in employment in September, while the unemployment rate fell to 5.2 per cent.He said that means the central banks don't need to pivot from their quantitative tightening paths just yet. But Cieszynski said good news is still good news -- the latest numbers show that central banks have been successfully deflating the bubble without sending markets into a crisis.
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