Daily Wrap-up

Daily Wrap-up

Daily Wrap-up TSX dips on losses in commodities but manages positive close
The first trading day of June got off to a slow start on the Toronto Stock Exchange as weakening oil and commodity prices punished those sectors of the main index along with financials. Mixed data from the US helped Wall Street and the TSX close slightly positive. Asian markets closed mixed as Chinese data helped push the Shanghai index almost 5 per cent higher and Tokyo continued its positive run. European markets ended the day mixed too as economic data showed some highs and lows for the Eurozone while Greek debt continued to weigh heavily.

The S&P/TSX Composite Index closed up 60.04 (0.40 per cent)

The NYSE closed higher

Oil is trending lower (Brent $64.98, WTI $60.29 at 4.20pm)

Gold is trending lower

The loonie is valued at U$0.7982 (at 4.20pm)
CIBC: Canadian retirees set for “substantial drop” in living standards
The next generation of Canadian seniors will find living conditions drop substantially unless they start saving for their retirement. That’s the stark warning in a new report from CIBC which says that most of those approaching retirement now are in fairly good financial shape but the rest of us are not planning enough. Economist Benjamin Tal estimates that of the 18 million current workers almost a third will face up to a 30 per cent drop in living standards.
NDP, Conservatives take aim at bank fees
The fees that banks charge us to make certain payments including some mortgage, loan and withdrawals are in the spotlight following complaints from consumers. The NDP proposed ending these fees in a motion tabled Monday and the Conservatives have backed it. It says it will consider what action to include in its forthcoming consumer finance protection laws.
TransCanada reaches more agreements on LNG pipeline
The proposed liquefied natural gas pipeline which would run through BC has taken a step further as TransCanada has reached agreement with three more First Nations. It brings the total number of agreements to seven and will see TransCanada paying annual legacy payments plus other benefits, although full details have not been revealed.

Study points at lack of basic skills in workforce
Too many workers lack basic skills like reading, writing and math. That’s according to a new report from the Canada West Foundation which concludes that 40 per cent of workers would benefit from a stronger basic skillset with even 30 per cent of those with a degree lacking essential skills. The study calls for employers to invest more in training and reap the rewards from an improved workforce.