Loonie, stock indexes lose strength after positive start; oil and gold up

TORONTO -- The weak Canadian dollar was again hovering near 70 cents US as North American stock markets edged lower Wednesday.

See Full Article

The Canadian dollar trading at 70.08 cents US, down 0.06 of a cent from Tuesday's close after it fell briefly below 70 cents US for the first time in nearly 13 years before closing at 70.14 cents US.

North American stock markets began Wednesday's trading session on a positive note but slipped into the red mid-morning.

The Toronto Stock Exchange's S&P/TSX composite index was down 6.98 points at 12,366.92. On Tuesday, the index added 54.65 points, its first positive result since the Christmas break.

The Dow Jones average of 30 stocks was down 44.85 points at 16,471.37, the broader S&P 500 index was down 5.49 points at 1,933.19 and the Nasdaq dropped 15.22 points to 4,318.495. .

Major stock indexes in Asia mostly closed higher, except the Shanghai index which fell about 2.4 per cent. European markets remained mostly higher as the North American indexes turned negative.

On the commodity markets, the February gold contract was up $1.60 at US$1,086.80 an ounce and the crude contract was up $1.04 at US$31.48 per barrel. On Tuesday, crude futures dipped below US$30 for the first time in years.



Advertisements

Latest Economic News

  • Climate change, rail talks bring opportunities to Churchill

    Economic CTV News
    CHURCHILL, Man. - A northern Manitoba community on the shore of Hudson Bay is having an identity crisis. The port of Churchill was once bustling with ships laden with grain bound for markets. Now, the ships docked at the port are bringing essential supplies in rather than transporting anything out. Source
  • NAFTA's open borders mean Canadian exporters are caught in trade war crossfire: Don Pittis

    Economic CBC News
    Soybean farmer Philip Shaw is suffering from the effects of the North American Free Trade Agreement. Ironically, as U.S. President Donald Trump threatens to up the ante with China, the NAFTA deal that he has called "the worst trade deal ever" means Canadian exporters like Shaw are suffering the backwash from sanctions never intended for them. Source
  • How the Ritchie brothers turned a business headache into a massive opportunity

    Economic CBC News
    Ritchie Bros. Auctioneers is a global corporation and a Canadian business success story, but it started off as a used furniture shop with a big problem: The bank had called in a $2,000 loan. It was the 1950s and the three Ritchie brothers — Ken, Dave and John — had taken over the family furniture store in Kelowna, B.C. Source
  • Ottawa fails to secure new buyer for Trans Mountain pipeline by deadline

    Economic CTV News
    OTTAWA -- The federal government is set to become the official owner of the Trans Mountain pipeline expansion after failing to quickly flip the project to another private-sector buyer. Pipeline owner Kinder Morgan had been working with the government to identify another buyer before July 22. Source
  • Ailing auto CEO Marchionne had multiple roles, no script

    Economic CTV News
    MILAN -- Sergio Marchionne's achievements as one of the automotive world's most charismatic chief executives include the bold trans-Atlantic merger of Italian carmaker Fiat and U.S. No. 3 Chrysler after he restored both to health. Source
  • 'Worse than oil': Sask. farmers say Husky downplaying damage from salt water leak

    Economic CBC News
    The Saskatchewan farming family that owns the land where salt water leaked from a Husky Energy line says the company is "underplaying" the damage. Ken and Nick Wourms have released aerial photos that show yellowed trees and vegetation in what appears to be the path of the leak, which spilled salt water into the Englishman River, about 500 metres from the leak site near Turtleford, Sask. Source
  • CMHC moves to make it easier for self-employed to get a mortgage

    Economic CBC News
    Self-employed Canadians seeking to buy a home may soon find it easier to secure a mortgage after changes announced by Canada Mortgage and Housing Corp. CMHC said self-employed people make up about 15 per cent of Canada's population, but they may have difficulty qualifying for a mortgage because their incomes may vary or be less predictable. Source
  • Investigating sales tactics and condos rush to ban weed: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Don't panic. CBC's Marketplace rounds up the consumer and health news you need. Want this in your inbox? Get the Marketplace newsletter every Friday. Telecom sales tactics Have you ever felt pressured by employees selling TV, internet and wireless services? The CRTC is inviting you to raise your complaints online or at a public hearing starting Oct. Source
  • Pipeline protesters to hold news conference after eviction notice

    Economic CTV News
    BURNABY, B.C. -- Protesters at an anti-pipeline camp in Burnaby, B.C., are set to hold a news conference to relay their side of the story this morning, instead of complying with an eviction notice handed down by the city. Source
  • Pipeline protesters defy city-issued eviction order, say they'll meet with officials

    Economic CTV News
    BURNABY, B.C. -- Protesters at an anti-pipeline camp in Burnaby, B.C., say they will meet with officials to discuss safety measures, but will not comply with a city-issued eviction order. The City of Burnaby says there are safety concerns surrounding "Camp Cloud," including a two-storey watch house and a fire that the protesters describe as sacred and ceremonial. Source