Markets plunge marks gloomy start to 2016

TORONTO -- An overnight drop in stock prices that began in China provided a dismal backdrop for the first trading day of 2016.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index dropped 175.92 points or 1.35 per cent to 12,834.03 in the first minutes of trading Monday.

The Dow Jones average of 30 stocks fell 363.67 or 2.09 per cent to 17,061.36, the broader S&P 500 index declined 38.88 points or 1.9 per cent to 2,005.06 and the Nasdaq fell 113.49 points or 2.47 per cent to 4,479.78.

The plunge began on the Shanghai index, which dived 6.9 per cent to 3,296.66 before the market was closed early to avert steeper falls. It was the first time China used a new "circuit breaker" mechanism.

The Canadian dollar traded at 71.97cents US, down 0.28 from Thursday's close before the New Year holiday.

On the commodity markets, the February gold contract was up $16.90 to US$1,077.10 an ounce, the February crude contract was up 91 cents at US$37.95 per barrel and the January contract for natural gas was up one cent at US$2.35



Advertisements

Latest Economic News

  • Vancouver's housing market third most expensive in the world: survey

    Economic CTV News
    VANCOUVER -- An annual international survey rates Vancouver as the third least affordable housing market on the planet and it also has a warning about Toronto housing. The 2017 Demographia International Housing Affordability Survey gives Vancouver a rating of 11.8, meaning median home prices are 11.8 times higher than median household income. Source
  • Documents reveal concerns, effects of CPP benefit limits for widows and widowers

    Economic CTV News
    OTTAWA -- Sheila was 62 when her husband died. For three years she continued to work full time as a nurse, collecting survivor benefits under the Canada Pension Plan. When Sheila retired at age 65 and began collecting her CPP retirement pension, she bumped into the financial ceiling the government places on the amounts retirees can receive under the public pension scheme and the survivor pension disappeared. Source
  • Canada should distance itself from Mexico in NAFTA talks: Former U.S. ambassador

    Economic CTV News
    Canada should distance itself from Mexico as U.S. President Donald Trump seeks to abolish or renegotiate the three-nation North American Free Trade Agreement (NAFTA), according to a former Canadian ambassador to the U.S. Derek Burney, who helped negotiate the Canada-United States Free Trade Agreement under then-Prime Minister Brian Mulroney, believes Canada and Mexico’s trade agendas share little common ground. Source
  • Striking Chronicle Herald workers mark one-year anniversary of labour dispute

    Economic CTV News
    HALIFAX -- The union representing striking workers at the Halifax Chronicle Herald are holding rallies throughout Nova Scotia Monday to mark the one-year anniversary of the labour dispute. The Halifax Typographical Union, which went on strike last Jan. Source
  • Why Trump will find it hard to make American economy greater

    Economic CTV News
    WASHINGTON -- President Donald Trump's economic plans are nothing if not ambitious: Annual growth of 4 per cent -- or more. A diminished trade gap. The creation of 25 million jobs over 10 years, including the return of good-paying factory positions. Source
  • Lawsuit: Donald Trump businesses violate U.S. Constitution

    Economic CTV News
    NEW YORK -- A lawsuit Monday alleged that U.S. President Donald Trump is violating the Constitution by allowing his business to accept payments from foreign governments. Trump is violating the so-called emoluments clause in the Constitution that prohibits him from receiving money from diplomats for stays at his hotels or foreign governments for leases of office space in his buildings, according to the suit filed by a legal watchdog group. Source
  • Brookfield moves to simplify North American property arm

    Economic CTV News
    TORONTO -- The largest shareholder of Brookfield Canada Office Properties (TSX:BOX.UN) is offering to buy the rest of the real estate trust's equity for $30.10 cash per unit, a 14.8 per cent premium to Friday's closing price in Toronto. Source
  • Donald Trump signs executive order officially pulling U.S. out of TPP

    Economic CBC News
    The new U.S. president doubled down on some of his campaign promises on Monday, including punitive tax hikes for U.S. companies that ship jobs overseas and sharp reductions in corporate taxes, red tape and regulations. Source
  • Trump pledges border tax, less red tape and trade renegotiations on first weekday in office

    Economic CBC News
    The new U.S. president doubled down on some of his campaign promises on Monday, including punitive tax hikes for U.S. companies that ship jobs overseas and sharp reductions in corporate taxes, red tape and regulations. Source
  • Statistics Canada says wholesale sales gained 0.2 per cent in November

    Economic CTV News
    OTTAWA -- Statistics Canada said Monday that wholesale sales gained 0.2 per cent in November to total $56.9 billion, as a drop in the auto sector limited overall gains for the month. The second consecutive monthly increase fell short of the 0.5 per cent for the month that had been expected by economists surveyed by Thomson Reuters; however, the October figures were revised 0.2 per cent higher than previously reported. Source