Loonie, TSX fall as crude prices weaken further

TORONTO -- The Canadian dollar continued to set fresh 11-year lows Friday as oil traded at levels not seen since the global economy was in the grips of a deep recession.

See Full Article

The loonie was down 0.18 of a cent at 73.18 cents U.S. after the International Energy Agency said Friday that demand for oil will continue to grow next year but more slowly -- by 1.2 million barrels per day, down from 1.8 million bpd this year.

It later fell further -- to 72.96 cents U.S. -- as Finance Minister Bill Morneau announced a "nuanced" approach to keep Canada's housing market stable by increasing required down payments on house purchases above $500,000.

The last time Canada's dollar was below 73 cents U.S. was in mid-June 2004.

On equity markets, the Toronto Stock Exchange's S&P/TSX index was down 166.01 points at 12,850.58, shortly after North American markets opened.

In New York, the Dow Jones average of 30 stocks was down 276.13 points at 17,298.62, the broader S&P 500 index fell 29.37 points to 2,022.86 and the Nasdaq lost 66.89 points to 4,978.28.

On the commodity markets, the January contract for crude was down 81 cents at US$35.95 a barrel, the January contract for natural gas was down five cents at US$1.97 and the February gold contract was up $5.10 at US$1,077.10 an ounce.



Advertisements

Latest Economic News

  • Asian markets drop as investors look ahead to Trump speech

    Economic CTV News
    BEIJING - Asian stock markets were lower Monday as investors looked ahead to U.S. President Donald Trump's speech to Congress this week for details of promised tax cuts and infrastructure spending. KEEPING SCORE: Tokyo's Nikkei 225 index fell 0.9 per cent to 19,107.47 and the Shanghai Composite Index lost 0.5 per cent to 3,237.14. Source
  • Billionaire industrialist Koch leads fight to deregulate African-style braiding

    Economic CTV News
    PAWTUCKET, R.I. -- The billionaire industrialist Charles Koch and hair braider Jocelyn DoCouto have at least one thing in common. They are both part of a national movement to deregulate the business of African-style braiding. Source
  • What's in your chicken? CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? We've got you. Here's this week's consumer cheat sheet. Get the Marketplace newsletter in your inbox every week. Sign up here. Inflatable mattress (prices) So, that bed you got for a bargain? That deal may be less dreamy than you thought. Source
  • Vatican stakes out copyright to Pope Francis' image

    Economic CTV News
    VATICAN CITY -- God's love may be free, but the Vatican says it has a copyright on the pope. Unnerved by the proliferation of papal-themed T-shirts, snow globes and tea towels around the world, the Vatican has warned it intends to "protect" the image of Pope Francis and "stop situations of illegality that may be discovered. Source
  • Is the Ivanka Trump brand boycott anti-feminist?

    Economic CBC News
    After Nordstrom dropped Ivanka Trump's fashion line this month, a Fox News host blasted women boycotting stores that carry the brand. In an opening rant on her show, Jeanine Pirro called the boycotters "loud, classless women" who were unfairly picking on a fellow female simply because they dislike her dad, U.S. Source
  • Last BlackBerry-designed phone with physical keyboard to hit stores in April

    Economic CTV News
    TORONTO -- Fans of BlackBerry's classic physical keyboard will have reason to celebrate when the last product designed in part by the former smartphone leader becomes available in April. The Waterloo, Ont.-based firm played a role in developing the KEYone, named for the return of the QWERTY keyboard that other smartphone designers have mostly long retired. Source
  • Final cleanup begins at Dakota Access pipeline protest camp

    Economic CTV News
    BISMARCK, N.D. -- The U.S. Army Corps of Engineers has moved into the evacuated Dakota Access pipeline protest camp to finish the cleanup started weeks ago by the Standing Rock Sioux Tribe. A Florida-based company has been hired to provide trash removal and environmental cleanup in the main Oceti Sakowin camp on the north side of the Cannonball River and the smaller Rosebud camp on the south side. Source
  • Appealing to millennials, Las Vegas gets e-sports arena

    Economic CTV News
    LAS VEGAS -- The arena has all the features that a professional sports venue needs: stands, warm-up areas for teams, massive screens for spectators and a broadcast platform for commentators. But what distinguishes this new Las Vegas arena is its dozens of video game consoles. Source
  • Warren Buffett says don't waste money on investment fees

    Economic CTV News
    OMAHA, Neb. -- Billionaire Warren Buffett wants investors to be wary of the high fees Wall Street routinely charges because of the damage they do to investment returns, and he emphasized his confident outlook in the U.S. Source
  • 'We always find a way': N.L.'s oil-dependent economy is hurting, but there is hope on the horizon

    Economic CBC News
    Dwight Ball, the affable pharmacist who has been Newfoundland and Labrador's premier for the last 15 months, said something remarkable Wednesday while swinging an axe through several hundred government jobs. "We're human, too. This impacts us," said Ball, who clearly has shown no relish for the more brutal parts of dealing with an oil-dependent economy during a collapse in petroleum prices. Source