TSX bounces back, but loonie continues decline

TORONTO -- The Toronto stock market is bouncing back, though the Canadian dollar continued to weaken Thursday amid speculation that the Bank of Canada will cut its key interest rate next week.

See Full Article

At mid-afternoon, the loonie was off 0.05 of a U.S. cent at 69.66 cents U.S., hovering near 13-year lows.

The S&P/TSX composite index was up 93.81 points at 12,264.22 in a small turnaround from heavy losses suffered over the last two weeks, including a 200-point loss on Wednesday.

Energy stocks were a source of strength as the February contract for benchmark crude oil rose 99 cents to US$31.47 a barrel. February natural gas declined 13 cents to US$2.14 per mmBtu and February gold lost $13.70 to US$1,073.40 an ounce, while March copper added two cents to US$1.98 a pound.

New York markets were sharply higher after even larger losses the previous session that drove the S&P 500 index into correction territory, or a drop of 10 per cent or more from its peak.

The rally in New York, also led by energy stocks, had the Dow Jones up 243.98 points at 16,395.39 after it shed more than 360 points Wednesday. The S&P 500 was up 31.39 points at 1,921.67, down 9.8 per cent from its peak, while the Nasdaq was ahead 87.44 points at 4,613.50.

The volatility on markets has been mounting amid worries among traders about the slowdown in China and the knock-on effects on oil and other commodity prices.

In Europe, Germany's DAX dropped 1.7 per cent, while France's CAC 40 slid 1.8 per cent and London's FTSE 100 was 0.7 per cent lower.

In Asia, Japan's benchmark Nikkei 225 plunged 2.7 per cent, South Korea's Kospi was off 0.9 per cent and Hong Kong's Hang Seng lost 0.6 per cent. However, the Shanghai composite, the source of much recent concern, rebounded nearly two per cent.



Advertisements

Latest Economic News

  • Why do you need a pet insurance, right here, right now

    Economic 24news
    Many Canadians would consider their pets as a part of their immediate, granular, family. Although some professionals think it’s not healthy, that’s the way life is in the twenty first century; There is a steep decline in the birth rate globally, with Japan leading the pack, and pets are filling in the void.
  • HBC's Lord & Taylor to lay off 200 in U.S. operations move

    Economic CTV News
    WILKES-BARRE, Pa. -- Lord & Taylor has announced that it will be laying off about 200 people at a Pennsylvania distribution centre as it moves some operations to a new location about 80 kilometres away. Source
  • Four things to watch for in the Canadian business world in the coming week

    Economic CTV News
    TORONTO -- Four things to watch for in the Canadian business world in the coming week: Time to have "the talk"? Alimentation Couche-Tard's hosts its first-ever investor day on Monday. The large convenience store chain, which operates as Circle K outside Quebec, recently said it hasn't given up hope of selling cannabis as some Western Canadian provinces turn to the private sector for over-the-counter sales. Source
  • Canadian tech CEOs disappointed Amazon won't be coming to their cities

    Economic CTV News
    CALGARY -- Tech sector entrepreneurs whose Canadian cities were snubbed by Amazon in its search for a second corporate campus say they are disappointed, despite fears they would have seen increased competition for scarce skilled talent. Source
  • Rogers sales tactics and the 'Tide pod challenge': 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. Rogers employees reveal sales pressures A number of Rogers employees have come forward about how they are coached to upsell customers. Source
  • Macron says U.K. can't keep full access to E.U. post-Brexit

    Economic CTV News
    LONDON -- French President Emmanuel Macron has suggested that Britain is likely to negotiate a unique relationship with the European Union before it leaves the bloc next year, while stressing that any agreement must be consistent with EU rules. Source
  • Retrofitting suburbia: Old shopping malls can be saved by their parking lots

    Economic CBC News
    Aging shopping centres, built decades ago as beacons of fashion and free parking on the suburban fringe, are gradually becoming relics on a sea of inner-city asphalt. But rather than tinker at the margins to squeeze the last nickels out of old stores, some retailers are doing something dramatic with their biggest asset: land. Source
  • Want to understand the problems with minimum wage? Talk to people who earn it

    Economic CBC News
    There are more than a million Canadians who work minimum wage jobs — they make up 8 per cent of the country's salaried employees. The hourly rate they earn varies across the country, from a low of $10.85 in Nova Scotia, to Alberta where the minimum wage is set to increase to $15 in October 2018. Source
  • Tahoe Resources denies water contamination near its Peru gold mine

    Economic CTV News
    Vancouver-based Tahoe Resources Inc. says reports that heavy rains caused a leach pond at its Shahuindo gold mine in Peru to overflow and cause rainwater contamination are untrue. Tahoe says central Peru is experiencing exceptionally heavy rains, causing wide-spread flooding and mudslides throughout the region. Source
  • Lawsuit launched against obituary website alleges copyright infringement

    Economic CTV News
    ST. JOHN'S, N.L. - A lawyer in Newfoundland and Labrador is bringing a class-action suit against a website that collects obituaries and reposts them. The statement of claim, which has not been proven in court, alleges that the site managed by Afterlife Network Inc. Source