Markets sharply lower to start 2016 after China triggers worldwide sell-off

TORONTO - Stock markets got off to a tumultuous start to 2016 as a sharp decline in China triggered a sell-off that spread worldwide.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index was down 82.80 points, taking the index to 12,927.15, after falling as much as 262 points earlier in the session.

The Canadian dollar ended at 71.73 cents U.S., down 0.52 of a cent from Thursday's close before the New Year's holiday.

In New York, the Dow Jones average closed down 276.09 points at 17,148.94, the broader S&P 500 index declined 31.28 points to 2,012.66 and the Nasdaq lost 104.32 points to 4,903.09.

Fresh political tensions between Saudi Arabia and Iran left traders questioning the outlook for oil prices if supplies are affected.

The February crude contract was originally up but eventually gave way to close 28 cents lower at US$36.76 a barrel, while the February contract for natural gas was unchanged at US$2.33. Gold prices ticked up, with the February contract rising $15 to US$1,075.20 an ounce.



Advertisements

Latest Economic News

  • Asian shares stumble as European Central Bank rally fades

    Economic CTV News
    KUALA LUMPUR, Malaysia - Asian shares meandered Friday as an overnight rally in U.S. markets helped by the European Central Bank's decision to extend its bond-buying economic stimulus program faded. South Korea's benchmark slipped as lawmakers prepared to vote on whether or not to impeach President Park Geun-hye. Source
  • Sales, profit at Sears in U.S. continue to decline

    Economic CTV News
    HOFFMAN ESTATES, Ill. -- Sears, the one-time standard bearer for U.S. retail, has posted quarterly losses for more than a year now, and sales continue to slide as the company shutters poorly performing stores. The company's cash situation, which has led in the past to clashes with suppliers, is an ongoing concern. Source
  • Stock markets in New York hit new record highs

    Economic CBC News
    Major stock markets in New York closed at record highs Thursday amid a broad rally from banks, materials and technology companies. The Dow Jones industrial average advanced 65.19 points at 19,614.81, while the S&P 500 added 4.84 points at 2,246.19, both hitting all-time highs for a second day in a row. Source
  • BlackBerry launches new security platform to help companies manage connectivity

    Economic CTV News
    WATERLOO, Ont. - BlackBerry revealed its latest security offering on Thursday intended to help companies reliably manage their current and future connectivity needs. The company's new platform, BlackBerry Secure, is designed to help businesses keep tabs on all their devices to transmit sensitive data to keep people, information and goods safe. Source
  • NHL won't change name of Vegas Golden Knights despite trademark denial

    Economic CBC News
    The National Hockey League says it won't change the name or logo of its newest club, despite being denied a trademark by U.S. authorities. Just a couple of weeks after the Vegas Golden Knights revealed their name, logo and team colours, the U.S. Source
  • Coke sets sights on new demographic: foodies

    Economic CTV News
    NEW YORK -- What beverage goes best with lobster rolls, a bagel sandwich stuffed with whitefish, or a bowl of ramen? Coke wants you to think of soda. Coca-Cola is trying to sell more of its flagship beverage by suggesting the cola can accompany a wide range of meals, rather than just the fast food and pizza with which it's a mainstay. Source
  • Overhead bin fees? Yes, with United's new 'basic' fare

    Economic CTV News
    United Airlines is creating some turbulence in the airline industry with changes to its fare structure, including a new “basic economy” fare. The cheap ticket comes with a catch, however: If you want to use the overhead bin, you must pay an extra charge. Source
  • SNC-Lavalin cutting 405 jobs in Canada mainly due to mining weakness

    Economic CBC News
    Engineering giant SNC-Lavalin is cutting another 405 jobs in Canada due to the weakness in the mining sector and ongoing efforts to boost its profit margin. Spokesman Louis-Antoine Paquin says the company will eliminate 186 positions in Montreal, 195 in Ontario and 24 in Saskatoon, says spokesman Louis-Antoine Paquin. Source
  • Public sector workers paid 10.6% more than private sector average: Fraser Institute

    Economic CBC News
    Almost 90 per cent of public sector workers have some sort of pension plan. By constrast, less than a quarter of private sector workers do. (Chris Wattie/Reuters) People who work in the public sector make almost 11 per cent more than their counterparts in the private sector, a new analysis of Statistics Canada data by the Fraser Institute think tank has found. Source
  • Toronto, Hamilton, K-W expected to lead country in 2017 house price gains: Re/Max

    Economic CBC News
    Re/Max sees the average national house price rising by two per cent in 2017, led by big projected gains in real estate prices in the Hamilton, the Greater Toronto Area and Kitchener-Waterloo. In its 2017 housing market outlook, which was released Thursday, Re/Max said it sees house price appreciation in Hamilton leading the country with an 11 per cent gain in average residential home sale prices, followed by eight per cent gains expected for both the GTA and K-W. Source