Global shares mixed as oil price surge fades

TOKYO -- Global markets meandered Thursday after early gains from surging oil prices faded in light pre-Christmas holiday trading. Germany's markets were closed and many other major markets had half-day sessions.

See Full Article

KEEPING SCORE: Britain's FTSE 100 edged up 0.1 per cent to 6,245.61 while France's CAC40 fell 0.3 per cent to 4,658.58. Wall Street looked set for a slow start, with Dow futures down 0.8 per cent and S&P futures down 0.2 per cent.

THE QUOTE: "Falling volatility and trade volume mark the days prior to the Christmas holidays," said Bernard Aw of IG, noting a lack of inspiration as funds and traders wind down positions before the end of the year.

JAPAN BLUES: Share prices in Japan fell back after Bank of Japan Gov. Haruhiko Kuroda, in a speech to business leaders, commented on the difficulty of attaining the BOJ's 2 per cent inflation target without faster wage increases - a persistent challenge in a country where companies are reluctant to invest more given the declining population and slow growth in demand.

ASIA'S DAY: Japan's Nikkei 225 stock index fell 0.5 per cent to 18,789.69 after spending most of the day in positive territory. The Shanghai Composite Index lost 0.7 per cent to 3,612.49 and South Korea's Kospi fell 0.4 per cent to 1,990.65. But Hong Kong's Hang Seng index added 0.4 per cent to 22,138.13 and Australia's S&P/ASX 200 gained 1.3 per cent to 5,207.60 in half-day Christmas Eve sessions. Markets in Southeast Asia, Taiwan and New Zealand were higher. Apart from Tokyo and Shanghai, most major regional markets will be closed on Friday for Christmas.

ENERGY: Oil prices continued their recovery from lows earlier in the week. U.S. crude futures gained 24 cents to $37.74 in electronic trading on the New York Mercantile Exchange. They jumped $1.36, or 3.8 per cent, to $37.50 a barrel on Wednesday. Brent crude, which is used to price international oils, was up 32 cents at $37.68. It added $1.25, or 3.5 per cent, to $37.36 a barrel in London.

CURRENCIES: The dollar edged lower to 120.46 yen from 120.92 in the previous session. The euro was slightly higher at $1.0941, up from $1.0914.



Advertisements

Latest Economic News

  • Quebec's construction sector hit by mass walkout

    Economic CTV News
    MONTREAL - A union alliance representing about 175,000 Quebec construction workers has launched an unlimited general strike. The walkout began after construction companies and labour federations continued to negotiate ahead of a strike deadline of midnight Tuesday, but were unable to sign new collective agreements. Source
  • BMO's Q2 net income up 28 per cent to $1.25 billion, dividend going up

    Economic CTV News
    TORONTO -- The Bank of Montreal (TSX:BMO) says its second-quarter net income grew by 28 per cent to $1.25 billion on higher profits from its wealth management and capital markets divisions. The Toronto-based bank also says its quarterly dividend will rise by two cents to 90 cents per share, payable on Aug. Source
  • Bitcoin 'mania' grows, as virtual currency passes $2,000 US mark

    Economic CBC News
    Bitcoin, the decentralized digital currency with global name recognition, has jumped in value once again. The value of the cryptocurrency surged past $2,000 US on May 20, according to data from institutional digital currency exchange GDAX. Source
  • Toronto tech firms seeing more interest from U.S. job seekers — and not just because of Trump

    Economic CBC News
    Last month, Roy Pereira, CEO of Toronto startup zoom.ai, received so many applications for a software engineering position from U.S.-based job seekers that he thought they were fake. "I thought it was maybe bots spamming us," he remembered, noting only about one per cent of the company's past applications had come from the States. Source
  • 'Bitcoin is a classic mania': Value of cryptocurrency surges 400% in a year

    Economic CBC News
    Bitcoin, the decentralized digital currency with global name recognition, has jumped in value once again. The value of the cryptocurrency surged past $2,000 US on May 20, according to data from institutional digital currency exchange GDAX. Source
  • Bank of Canada expected to stick with interest rate despite strong economy

    Economic CTV News
    OTTAWA - The Bank of Canada is expected to stick with its benchmark interest rate today even though the economy is off to a stronger-than-expected start in 2017. Analysts widely predict governor Stephen Poloz to keep the rate locked at its very low level of 0.5 per cent as uncertainty continues to swirl around the U.S. Source
  • China stocks fall after rating cut as other Asian markets post gains

    Economic CTV News
    BEIJING - Chinese stocks sank Wednesday after Moody's cut Beijing's government debt rating and other Asian markets rose following Wall Street's advance. KEEPING SCORE: The Shanghai Composite Index lost 0.6 per cent to 3042.24 points and Hong Kong's Hang Seng shed 0.1 per cent to 25,369.93. Source
  • Moody's cuts China rating over rising debt, slowing growth

    Economic CTV News
    BEIJING - China has criticized a decision by the Moody's rating agency to cut its rating for Chinese government debt and defended Beijing's finances and economic reforms. A finance ministry statement complained Moody's used "inappropriate methods" when it cut Beijing's credit rating and overestimated the scale of its economic difficulties. Source
  • Alberta government introduces bill to cap electricity rates to stop price spikes

    Economic CTV News
    EDMONTON -- Electricity rates in Alberta would be capped under legislation the provincial government introduced Tuesday, a move it says will protect customers from major price spikes. The government says the four-year cap of 6.8 cents per kilowatt hour is expected to be in place by June 1. Source
  • Toronto stock index climbs on banks, industrials

    Economic CBC News
    Canada's main stock index eked out a moderate gain Tuesday as financial stocks got a boost ahead of Canadian bank earnings this week. The Toronto Stock Exchange's S&P/TSX composite index climbed 18.48 points to 15,476.94, also helped by a rise in industrials and utilities stocks. Source