TSX, Wall Street close with triple-digit losses
Markets were in a generally negative mood Thursday. The Toronto Stock Exchange and Wall Street both closed with large losses as investors weighed volatile bond markets and the likelihood of Greece defaulting on its loan repayments. The energy and mining sectors led the decline on the main TSX index. Asian markets closed mixed earlier in the day as concern over Chinese margin financing dominated. European markets closed lower on Greek concern and the bonds trade.
The SP/TSX Composite Index closed down 135.3 (0.89 per cent)
The NYSE closed lower (Dow down 170.2)
Oil is trending lower (Brent $62.20, WTI $58.16 at 4.05pm)
Gold is trending lower
The loonie is valued at U$0.8003 (at 4.05pm)
Canada seeks $3 billion from US imports
The row over meat labelling has taken another turn. Canada has asked the World Trade Organisation for permission to impose tariffs on a raft of US imports in retaliation for America’s refusal to repeal its country-of-origin rules on meat. Products such as chocolate, pasta, wine and even furniture from south of the border could be affected if permission for the tariffs is granted.
Canadians are saving for retirement after all
There have been a number of recent reports suggesting that Canadians are racking up more household debt while not putting much, if anything, in the bank for retirement. However a new study from CD Howe Institute challenges this view and the general advice that people need in retirement income of 70 per cent of their working income. Malcolm Hamilton, who wrote the report, says that official figures show a household savings rate of 5 per cent of income but it is actually closer to 14 per cent.
Tims TV drops Enbridge ads
Those waiting in line at Tim Hortons have been complaining about one of the advertisements on in-store screens. The ads for pipeline firm Enbridge have angered many who did not appreciate efforts to change public opinion of the firm. Tim Hortons has decided to drop the ads from its Tims TV screens and Enbridge has said it respects the coffee chain’s decision.
Are you ‘stealing’ your favourite TV shows?
The new president of Bell Media says that those who choose to watch the US Netflix service using technology that hides the fact that they’re in Canada are stealing. Mary Ann Turcke said Wednesday that the practice hurts Canadian jobs and culture. CBC reports that the media boss likened the practice to “throwing garbage out of your car window” saying it was unacceptable.