October 15, 2019
  • 3:54 am Manitobas DauphinSwan RiverMarquette riding in the spotlight
  • 3:53 am Suzuki visits the Cree
  • 3:52 am Court order puts survivor compensation cases in jeopardy
  • 3:42 am CN Rail trying to shut up former supervisor for giving financial documents
  • 3:36 am Churches calling for prayer and support ahead of TRC closing event in

TORONTO — The Toronto stock market rode through a calm session on Monday that ended relatively flat, with commodities mixed and concerns about the European economy grabbing most of the attention.Here are the closing numbersTSX — 11,757.88 -8.48 -0.07%S&P 500 — 1,385.30 -0.67 -0.05%Dow — 13,073.01 -2.65 -0.02%Nasdaq — 2,945.84 -12.25 -0.41%The S&P/TSX composite index closed down 8.48 points to 11,757.88 in low-volume trading of about 124 million shares. The TSX Venture Exchange fell 6.28 points to 1,184.36.The Canadian dollar rose 0.26 of a cent to 99.82 US cents.Traders turned their attention to data from overseas as the European Commission released a report showing that economic sentiment dipped, with pessimism growing in both the industrial and service sectors. There were sharp declines in Germany, France and Spain.The report came out the same day that Spain’s National Statistics Institute said its economy contracted for the third straight quarter.In commodities, the September crude contract on the New York Mercantile Exchange ended down 35 cents to US$89.78 a barrel.September copper moved down one cent to US$3.42 a pound.The TSX gold sector was the biggest gainer, up 0.7%, as the August gold contract rose $1.70 to close at US$1,619.70 an ounce.Anticipated efforts from Europe to calm the region’s debt crisis remain in focus as U.S. Treasury Secretary Timothy Geithner meets with economic policy makers in Europe.“There’s little question that the wind behind the markets right now is on improved optimism around the potential for the EBC to do more, to put in initial policy stimulus,” said Craig Fehr, Canadian markets strategist at Edward Jones in St. Louis.“We saw that rally start late last week and it’s continuing into this week. For the first part of this week I suspect the markets will really react to any shifts in views of what will come out of the ECB’s comments this week.”On Wall Street, the Dow Jones industrials fell 2.65 points to 13,073.71. The Nasdaq composite index was down 12.25 points to 2,945.84 and the S&P 500 index slid 0.67 of a point to 1,385.30.The U.S. indexes had been creeping higher early Monday, then reversed course soon after a regional manufacturing report came in much weaker than expected. A survey of manufacturing by the Dallas branch of the Federal Reserve showed a steep drop in July.In Canada, the banking sector is in the spotlight after Standard & Poor’s Ratings Services lowered its outlook on seven Canadian banks on Friday to negative from stable.The move, which left the banks’ ratings intact but suggested they may be under some pressure in future, was made over concerns about unsustainably high home prices and consumer debt levels.The New York debt-rating firm revised its outlook downward on Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, National Bank of Canada, Laurentian Bank of Canada, Home Capital Group Inc. and Central 1 Credit Union.However, S&P maintained stable outlooks on five other Canadian banks including Canadian Imperial Bank of Commerce and Bank of Montreal.The TSX financials were down 0.13% with Bank of Montreal down 94 cents to $57.76 and Royal Bank ahead four cents to $51.75.In corporate news, TransCanada and ExxonMobil say they are conducting a public process to determine the level of customer interest in a potential new pipeline _ the Alaska Pipeline Project. Shares of TransCanada rose 84 cents to $45.69.Here’s the news investors were watching today:Best Buy founder recruits executive team for buyoutWisconsin pipeline leak fresh blow for Enbridge’s battered brandHSBC’s ‘shameful and embarrassing’ scandal to cost over $2-billionShale writedowns begin as lower prices follow record M&AON DECK TUESDAYECONOMIC NEWSU.S. Federal Reserve begins two-day monetary policy meeting CANADA8:30 a.m.Real GDP (May): Economists expect 0.2% rise from the month before, 2.6% year over year Industrial product price index (June): Economists expect decline of 0.1% Raw materials price index (June): Economists expect decline of 3% UNITED STATES8:30 a.m.Employment cost index (Q2): Economists expect 0.5% rise Personal income & consumption (June): Economists expect a 0.4% rise in income and 0.1% rise in spending 9 a.m.S&P Case-Shiller home price (May): Economists expect 0.4% rise from month before, 1.45% decline year over year 9:45 a.m.Chicago purchasing managers’ index (July): Economists expect a reading of 52.4 10 a.m.Conference Board consumer confidence index: Economists expect reading of 61.5 CORPORATE NEWSCANADAThomson Reuters Q2 earnings: Analysts expect 51¢ a share TransAlta Q2 earnings: Analysts expect 21¢ Fortis Inc Q2 earnings: Analysts expect 34¢ George Weston Q2 earnings: Analysts expect $1.01 Saputo Q1 earnings: Analysts expect 66¢ UNITED STATESGoodyear Tire & Rubber Q2 earnings: Analysts expect 45¢ Pfizer Q2 earnings: Analysts expect 54¢ United States Steel Corp Q2 earnings: Analysts expect 47¢ Tyco INTL Q3 earnings: Analysts expect 93¢ Pioneer Natural Resources Co Q2 earnings: Analysts expect $1.15 Electronic Arts Q1 earnings: Analysts expect a loss of 42¢ Marathon Petroleum Corp Q2 earnings: Analysts expect $2.50 The Allstate Corp. Q2 earnings: Analysts expect 84¢

admin

RELATED ARTICLES
LEAVE A COMMENT