Chinese stocks continue fall but other Asian markets rise

BEIJING - Chinese stocks sank again Wednesday but other Asian markets rose following Wall Street's gain as investors looked ahead to the U.S.

See Full Article

Federal Reserve's latest statement on interest rates and the economic outlook.

KEEPING SCORE: China's Shanghai Composite Index shed 2.4 per cent to 2,682.65, adding to Tuesday's 6.4 per cent loss. The Chinese benchmark has now given up almost all the gains made since December 2014. Japan's Nikkei 225 rose 2.6 per cent to 17,142.52 and Hong Kong's Hang Seng was up 0.8 per cent at 19,015.18. South Korea's Kospi gained 1.4 per cent to 1,897.87 and India's Sensex advanced 0.4 per cent to 24,520.52. Markets in Taiwan and Southeast Asia also gained. Australia's S&P/ ASX 200 lost 1.2 per cent to 4,946.40 and New Zealand also declined.

WALL STREET: U.S. stocks jumped as the price of oil made another abrupt reversal and rose 4 per cent following a decline the previous day. Chevron and Exxon Mobil made major gains. Strong fourth-quarter results from beleaguered wireless provider Sprint gave telecom stocks a boost. The Dow Jones industrial average jumped 282.01 points, or 1.8 per cent, to 16,167.23. The Standard & Poor's 500 index rose 26.55 points, or 1.4 per cent, to 1,903.63. The Nasdaq composite index added 49.18 points, or 1.1 per cent, to 4,567.67.

FED PLANS: Investors were watching Wednesday's Fed statement for signs of the pace of possible future rate hikes. The U.S. central bank raised rates last month for the first time since the 2008 global crisis, citing improved inflation and other data. But uncertainty over the strength of the dollar, low oil prices and China's outlook have prompted warnings against raising rates too fast.

ANALYST'S QUOTE: Fed officials will probably want to acknowledge the extra uncertainty raised by recent financial and international developments, said Jim O'Sullivan of High Frequency Economics in a report. "But they will likely also want to avoid encouraging the perception that a relatively modest bout of risk aversion in markets or mixed signals from the data will promptly change their outlook in a major way."

ENERGY: Benchmark U.S. crude shed 33 cents to $31.12 per barrel in electronic trading on the New York Mercantile Exchange. The contract soared $1.11 on Tuesday to close at $31.45. Brent crude, the benchmark for international oils, fell 3 cents to $31.77 per barrel in London. It jumped $1.30 on Tuesday to $31.80.

CURRENCIES: The dollar weakened to 118.10 yen from Tuesday's 118.31 yen. The euro inched up to $1.0868 from $1.0864.


Latest Economic News

  • Asian stocks mixed due to Wall Street gloom

    Economic CTV News
    TOKYO -- Asian shares were mixed Friday as a weaker yen sent Japan's benchmark higher, despite persisting gloom from Wall Street's recent declines. KEEPING SCORE: Japan's benchmark Nikkei 225 gained 0.6 per cent to 17,446.41 and the Shanghai Composite index inched up less than 0.1 per cent to 3,112.91. Source
  • Amazon using Prime service to court food shoppers

    Economic CTV News
    NEW YORK -- Amazon wants you to order your turkey, stuffing and cranberry sauce online this Thanksgiving - its latest effort to make its Prime subscription service a central part of food shopping, much the way it's done for other consumer goods. Source
  • Police arrest, evict oil pipeline protesters in North Dakota

    Economic CTV News
    CANNON BALL, N.D. - A months-long protest over the Dakota Access oil pipeline reached its most chaotic pitch yet when hundreds of law enforcement officers moved in to force activists off private property. Thursday's nearly six-hour operation dramatically escalated the dispute over Native American rights and the project's environmental impact, with officers in riot gear firing bean bags and pepper spray. Source
  • Feds defend Pacific NorthWest LNG decision as court challenges filed

    Economic CTV News
    Catherine McKenna, second left, Minister of Environment and Climate Change, speaks while flanked by Jim Carr, from left to right, Minister of Natural Resources, British Columbia Premier Christy Clark and Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard, after the federal government announced approval of the Pacific NorthWest LNG project, at the Sea Island Coast Guard Base, in Richmond, B.C. Source
  • United Way loses top ranking as America's largest charity

    Economic CTV News
    NEW YORK -- United Way, ranked as America's largest charity for all but one of the past 25 years, has been emphatically knocked from that spot by Fidelity Charitable, the leader of a rapidly growing philanthropic sector that is transforming the way many Americans give. Source
  • Meet George Jetson: Uber sees flying commuters in 10 years

    Economic CBC News
    Flying commuters like George Jetson could be whizzing to work through the sky less than 10 years from now, according to ride-services provider Uber, which believes the future of transportation is literally looking up. Uber Technologies Inc released a white paper on Thursday envisioning a future in which commuters hop onto a small aircraft, take off vertically and within minutes arrive at their destinations. Source
  • Husky Energy says response to Saskatchewan oil spill cost $90M

    Economic CTV News
    CALGARY -- Husky Energy says it has spent about $90 million responding to a pipeline spill in July that sent some 225,000 litres of heavy oil and diluent into the North Saskatchewan River. The Calgary-based company said Thursday that it believes the amount spent up to Sept. Source
  • Oilsands players hammer down costs, but is it enough?

    Economic CBC News
    The cost of producing a barrel of oilsands oil has come down substantially, but red ink continued to rule the day in the Alberta energy sector as third-quarter earnings rolled out this week. Suncor — one of three major oilsands producers that reported earnings in the past 24 hours — said that its operating costs decreased to $22.15 a barrel, an 18 per cent reduction over last year. Source
  • Police, soldiers move in to force Dakota Access protesters off private land

    Economic CBC News
    Armed law enforcement officers and soldiers, including some in riot gear, moved in on Thursday to remove Dakota Access pipeline protesters camped on private land in the path of the oil pipeline in North Dakota. Authorities with trucks, police cars, military Humvees and buses began the operation just before midday, with sirens blaring and officials telling protesters over a loudspeaker to move out. Source
  • National Bank cutting 600 jobs as part of digital shift

    Economic CBC News
    National Bank announced Thursday it will eliminate about 600 jobs as it aims to speed up its transition to the growing digital economy. At the same time, the Montreal-based bank said it will hire about 500 people, especially in sales and service and information technology functions. Source