Markets go negative despite higher commodities

TORONTO -- North American equity markets turned negative Wednesday, unable to sustain the strong rallies of the previous day despite higher commodity prices and an encouraging report on the U.S.

See Full Article

jobs market.

At mid-afternoon, the Toronto Stock Exchange's S&P/TSX composite index was down 18.01 points at 12,964.09 as Canada's main market faltered after a 121-point gain on Tuesday.

In New York, indexes were also weak despite a report from payroll processor ADP that private American employers added a healthy 214,000 jobs in February.

The Dow Jones industrial average was down 10.28 points at 16,854.80 while the broader S&P 500 added just 0.96 of a point to 1,979.31 and Nasdaq composite shed 5.15 points to 4,684.45.

On commodity markets, the April contract for benchmark U.S. crude edged up three cents to US$34.43 a barrel, while April gold added $11.10 to US$1,241.90 a troy ounce and copper rose three cents to US$2.17 a pound. April natural gas was down four cents at US$1.70 per mmBtu.

The Canadian dollar declined 0.18 of a U.S. cent to 74.37 cents US. That came as the greenback strengthened against most major currencies amid renewed expectations of a rate hike by the Federal Reserve as a result of recent indications of strength in the U.S. economy.

Overseas, Germany's DAX climbed 0.6 per cent and France's CAC added 0.4 per cent, while Britain's FTSE 100 slipped 0.1 per cent after asset manager BlackRock warned that if the U.K. votes to leave European Union, the economy will be "worse off."

In Asia, a weak yen added to investor optimism, sending Japan's benchmark Nikkei 225 up 4.1 per cent while Hong Kong's Hang Seng added 3.1 per cent.



Advertisements

Latest Economic News

  • China's Xi takes spotlight at Davos as U.S. makes transition

    Economic CTV News
    DAVOS, Switzerland -- Communist China is taking the world's most elite annual gathering by storm. President Xi Jinping leads a Chinese delegation of over 100 officials and scores of business executives attending the World Economic Forum, embodying a tectonic shift at an event that started nearly a half-century ago among Europeans and Americans. Source
  • Full interview: Tech expert Don Tapscott on global co-operation in the Trump age

    Economic CTV News
    Don Tapscott is one of the world’s leading authorities on technology, innovation and business. He is a long-time participant in the World Economic Forum who has authored or co-authored 15 popular books, including The Blockchain Revolution, which looks at how blockchain technology will fundamentally change the Internet and civilization. Source
  • First-time home buyer program attracting applicants, B.C. housing minister says

    Economic CTV News
    VANCOUVER - British Columbia's housing minister says a program to help first-time homebuyers received applications within hours of launching. Rich Coleman said that within six hours of the provincial loan program's launch on Monday, 29 applications had been submitted. Source
  • Venezuela debuts new banknotes amid soaring inflation

    Economic CTV News
    CARACAS, Venezuela -- Venezuelans stood in long ATM lines Monday to take out new, larger-denominated bills that President Nicolas Maduro hopes will help stabilize the crisis-wracked economy. Maduro last month said he was scrapping circulation of the most used bill, the 100-bolivar note, and replacing it with new bills ranging from 500 to 20,000 bolivars. Source
  • Layoffs begin as Gildan backs away from American Apparel factories

    Economic CBC News
    American Apparel LLC said it had started to lay off staff on Monday, after Canadian apparel maker Gildan Activewear Inc. withdrew its initial plan to acquire some of the bankrupt U.S. fashion retailer's manufacturing operations. Gildan won the rights to American Apparel's brand with an $88 million US bid in a bankruptcy auction last week. Source
  • Trump threatens 35% border tax on German autos

    Economic CBC News
    U.S president-elect Donald Trump warned German car companies he would impose a border tax of 35 per cent on vehicles imported to the U.S. market, a plan that drew sharp rebukes from Berlin and hit the automakers' shares. Source
  • Rich man, poor man: A closer look at Oxfam's inequality figures

    Economic CBC News
    A combination of static disposable incomes and rising costs has created a feeling among many middle-class Canadians that they are falling behind. Reports point out the declining quality of our jobs and that the top CEOs earn 193 times what the average worker earns. Source
  • Luxottica to join with Essilor in $70B merger of two eyewear giants

    Economic CBC News
    A global eyewear colossus worth almost $70 billion Canadian is set to be created as Italy's Luxottica — owner of Ray-Ban and Oakley glasses — merges with France's Essilor, owner of Crizal, Transitions, Clearly Contacts and other brands. Source
  • Loonie, TSX lower; U.S. stock markets closed

    Economic CTV News
    TORONTO -- The Canadian dollar and Toronto Stock Exchange were lower in late-morning trading, with key U.S. markets closed for a holiday. The S&P/TSX composite index dropped 50.54 points at 15,446.74 after nearly two hours of trading. Source
  • Hard Brexit details send British pound to hard landing under $1.20 US

    Economic CBC News
    The British pound fell to its lowest since 1985 on Monday after speculation ramped up that British Prime Minister Theresa May will lay out her plans for a so-called "hard Brexit" from the EU to European lawmakers tomorrow. Source