Crude oil continues its fall, dropping below US$27 a barrel, while gold soars

TORONTO -- The Canadian dollar and Toronto Stock Exchange continued to retreat today as the price of oil traded below US$27 a barrel.

See Full Article

Canada's oil-sensitive loonie was down 0.22 of a cent at 71.55 cents US at 11 a.m. ET and the S&P/TSX composite index was down 136.11 points or 1.1 per cent at 12,049.61.

The benchmark oil futures contract for March was at US$26.39, down 71 cents, and had been as low as $26.22 earlier in the day.

In contrast, the April gold contract rose $43.10 to US$1,237.70 a troy ounce as investors sought a safe haven from lower equity and oil prices.

In New York, the Dow Jones industrial average was down 294.46 points or 1.8 per cent at 15,620.28, the broader S&P 500 composite index declined 28.25 points to 1,823.61 and the Nasdaq composite lost 47.70 points to 4,235.89.

Elsewhere in commodities, March copper was down half a cent at US$2.02 a pound and the March contract for natural gas was up 1.4 cents at US$2.06.



Advertisements

Latest Economic News

  • RBC joins list of banks deemed 'too big to fail'

    Economic CTV News
    TORONTO -- The Royal Bank has been added to the Financial Stability Board's list of global systemically important banks. The board added the big Canadian bank (TSX:RY) as it removed French bank Groupe BPCE to keep the total number of institutions on the list at 30. Source
  • Ikea reminds about Malm dresser recall after 8th child dies

    Economic CBC News
    Ikea relaunched a recall of 29 million chests and dressers Tuesday after the death of an eighth child. CEO Lars Petersson said Ikea wants to increase awareness of the recall campaign for several types of chest and dressers that can easily tip over if not properly anchored to a wall. Source
  • CCPA report calls for expansion of pension regulations

    Economic CTV News
    OTTAWA - A report by the Canadian Centre for Policy Alternatives recommends that payments to shareholders such as dividends and share buybacks by companies should be limited if their pension plans are underfunded. The report says pension regulations must expand to consider broader financial decisions within companies. Source
  • Ikea relaunches dresser recall after death of 8th child

    Economic CTV News
    NEW YORK -- Ikea is relaunching a recall of 29 million chests and dressers following the death of a eighth child. Ikea CEO Lars Petersson said the company wants to increase awareness of the recall Tuesday for several types of chest and dressers that can easily tip over if not anchored to a wall. Source
  • Loblaw Companies shrug off industry-wide price-fixing probe, profit up from a year ago

    Economic CTV News
    TORONTO - George Weston Ltd. (TSX:WN) says it third-quarter profit was up from a year ago, boosted by its Loblaw Companies Ltd. business, offset in part by its Weston Foods operations. The company says it earned a profit attributable to common shareholders of $420 million or $3.25 per diluted share in the quarter ended Oct. Source
  • Top safety rating given to 13 new booster seats, only 1 rated 'not recommended'

    Economic CBC News
    The Insurance Institute for Highway Safety says the vast majority of new booster seats released this year got top marks in terms of safety, and only one brand on the market today should be avoided. The IIHS says 13 of 16 new brands of car booster seat earned the safety agency's designation of "best bets," which means they will provide good fit for typical four- to eight-year-olds in almost any car, van, or SUV. Source
  • Keystone XL clears final hurdle only to see more hurdles

    Economic CBC News
    Nebraska's decision on Keystone XL's final route was billed as the key regulatory ruling that would pull the long-delayed pipeline proposal out of a nearly decade-long limbo. Supposedly, the sound of bulldozers breaking ground would soon bring a giant sigh of relief from Canada's energy industry, and from both Alberta Premier Rachel Notley and Prime Minister Justin Trudeau, who could both sell the pipe as evidence they really do care as much about industry as they do the environment. Source
  • Asian stocks rise as Wall Street regains ground

    Economic CTV News
    TOKYO - Asian shares edged mostly higher Tuesday after Wall Street regained lost ground overnight amid subdued trading ahead of the Thanksgiving holiday. KEEPING SCORE: Japan's benchmark Nikkei 225 rose 1 per cent to 22,488.38 in morning trading, while the Kospi in South Korea added 0.1 per cent to 2,530.64. Source
  • European markets brush off worries over German uncertainty

    Economic CTV News
    LONDON -- European stock markets pushed higher Tuesday as investors brushed aside concerns over the political uncertainty in Germany following an upbeat session in Asia where Hong Kong's main index enjoyed its biggest advance in nearly two months. Source
  • TransCanada to test water in drainage ditch near spill

    Economic CTV News
    AMHERST, S.D. -- A South Dakota official says TransCanada Corp. plans to test water from a drainage ditch near the site of a 210,000-gallon oil spill from the Keystone pipeline to determine if it is polluted. Source