Plenty of other factors and sectors are there to prop up Canada’s currency
Weaker oil prices continued to weigh on the Toronto Stock Exchange Friday and even some stronger showing from the gold miners failed to stop the drop.
Statistics Canada released the latest employment data Friday with only a negligible change in the number of jobs (up 6,600) and the unemployment rate holding steady at 6.8 per cent in July.
Moody’s has downgraded Bombardier’s debt to B2 from B1 and raised its probability of default from B1-PD to B2-PD amid concern of the firm’s “very high” debt levels.
Telus Corp added 115,000 new customers and boosted revenue by 5.1 per cent in its latest quarterly results.
The potential for a September rise in interest rates by the Fed will increase if Friday’s employment situation report shows further growth.
China’s main stock market index closed higher Friday ahead of the US jobs data and with expectation that there could be further support measures for the world’s second largest economy.
US jobs data is the key focus for European markets so far Friday.
It may have been defiant in the face of the oil price slump but it seems that Saudi Arabia’s finances have been hit hard by the downturn.
After a few weeks’ of more stable oil prices volatility has returned this week. Thursday’s session has seen the price of Brent crude drop below $50 once again and WTI falling below $45.
Canadian Natural Resources has been affected like all energy firms by the lower oil prices but in releasing its earnings report for the second quarter the firm blamed another issue.