TSX trading flat as crude prices continue slump

TORONTO -- The Toronto stock market was slightly lower Wednesday amid falling commodity prices while the promise of a measured approach to interest rate hikes from the head of the U.S.

See Full Article

Federal Reserve helped strengthen markets in New York.

At mid-afternoon, the Toronto Stock Exchange's S&P/TSX composite index was down 20.63 points at 12,262.02 after piling up big losses over the previous two sessions.

The Canadian dollar was off 0.23 of a U.S. cent at 71.82 cents US.

In commodities, the March contract for benchmark crude oil was down for a fifth consecutive session, off 54 cents at US$27.40 a barrel.

Elsewhere in commodities, March natural gas shed six cents to US$2.04 per mmBtu, while April gold fell $5.30 to US$1,193.30 a troy ounce and March copper fell two cents to US$2.02 a pound.

In New York, markets ended a three-day slump with the Dow Jones industrial average rising a modest 21.13 points to 16,035.51, while the broader S&P 500 advanced more strongly, adding 15.57 points to 1,867.78. The Nasdaq composite shot up 64.99 points to 4,333.75.

Observers credited the strength in New York to remarks by U.S. Fed chairwoman Janet Yellen in her semi-annual report to Congress in advance of two days of testimony.

Yellen reiterated the Fed's confidence that the U.S. economy was on track for stronger growth and a rebound in inflation, but added that the U.S. central bank would likely move more slowly to raise interest rates if the economy disappoints.

In Europe, Germany's DAX advanced 1.6 per cent, France's CAC 40 rose 1.6 per cent and Britain's FTSE 100 added 0.7 per cent.

In Asia, Japan's Nikkei 225 sank 2.3 per cent and is down about 11 per cent in the past month. Markets were closed in China, Taiwan, Hong Kong and South Korea for Lunar New Year holidays. Hong Kong and Korea reopen on Thursday and China and Taiwan resume trading Monday.



Advertisements

Latest Economic News

  • Think tank urges Liberals to sell money-making assets to private sector

    Economic CTV News
    OTTAWA -- A new report is urging the Trudeau Liberals to make their new, experimental infrastructure bank a centre for helping cities and provinces sell off existing assets, rather than just helping to build new infrastructure. Source
  • Asian markets mostly higher after Wall Street sinks

    Economic CTV News
    BEIJING -- Asian stock markets rose Tuesday after Wall Street sank on worries that the Trump administration might not do as much for businesses as once thought. KEEPING SCORE: Tokyo's Nikkei 225 gained 1 per cent to 19,174.56 and Hong Kong's Hang Seng advanced 0.5 per cent to 24,317.93. Source
  • American Airlines buys stake in China Southern Airlines

    Economic CTV News
    BEIJING -- American Airlines has agreed to pay US$200 million for a stake in China Southern Airlines, one of China's three major state-owned carriers, in a bid for a bigger share of the country's growing travel market. Source
  • Sask. city pays Domtar $5.1M over tax assessment dispute

    Economic CTV News
    PRINCE ALBERT, Sask. - City council in Prince Albert, Sask., has authorized a $5.1 settlement with Domtar in a tax dispute over the valuation of a pulp mill Domtar purchased from Weyerhaeuser in 2006. Domtar had argued the assessment of its property was too high for 2009 and 2010 and requested a refund. Source
  • Ontario promises housing affordability measures in the spring budget

    Economic CTV News
    TORONTO -- Ontario Finance Minister Charles Sousa confirmed Monday he plans to include housing affordability measures in his upcoming budget. Premier Kathleen Wynne has said her government is working on a "comprehensive set of plans," to deal with rising home prices in the Greater Toronto and Hamilton Area (GTHA), as well as rising rental rates. Source
  • Home Capital terminates CEO Martin Reid

    Economic CBC News
    Home Capital Group Inc. has terminated its president and CEO Martin K. Reid, effective immediately. Kevin P.D. Smith, chair of the board of directors, said in a statement Monday that the Toronto-based mortgage lender requires leadership that can bring a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance. Source
  • B.C. First Nation gives nod to proposed LNG export facility

    Economic CTV News
    VANCOUVER -- A First Nation on Vancouver Island has approved a proposed liquefied natural gas export facility on its traditional territories. Leaders of the Huu-ay-aht First Nation and the CEO of Vancouver-based Steelhead LNG held a joint news conference in Vancouver on Monday to announce what Chief Robert Dennis said was the First Nation's "official entry into the international business world. Source
  • Officials gear up to assign infrastructure cash or lose control over its spending

    Economic CTV News
    OTTAWA - Provincial governments have been warned that they have until this time next year to start assigning billions in infrastructure cash to eligible projects, or else they could lose control over how it can be spent. Source
  • B.C. appeal court rules against Burnaby in bylaw battle with Trans Mountain

    Economic CTV News
    VANCOUVER -- A legal battle between the City of Burnaby and the Trans Mountain pipeline expansion has ended with the British Columbia Court of Appeal ruling the National Energy Board can override municipal bylaws. The fight began in 2014 when Trans Mountain was set to begin field studies on Burnaby Mountain, which required it to cut down trees, drill boreholes and operate heavy machinery -- activities that violate the city's bylaws. Source
  • Finance minister to tout Canada-U.S. trade to U.S. governors and mayors

    Economic CTV News
    CALGARY -- Canada's finance minister says he intends to head south of the border next week to reinforce the importance of Canada-U.S. trade. "Our approach was to be deeply engaged with the new administration from Day 1 . Source