TSX closes lower after early gains
The first trading week of June has been one of peaks and troughs and Friday had a mix of both. Better-then-expected jobs data in both Canada and the US were welcome boosts to the economy but the US figures has led to speculation that the Fed may move closer to interest rate hikes. OPEC met and decided not to change from current production levels which put pressure on the oil prices again before a later rebound. In Asia markets closed before all of that happened but local pressures added to uncertainty and most, except Shanghai, closed lower. European markets weighed US jobs data while Greece said it would pay four debt payments at the end of the month, missing the one due to the IMF today, but extending the time to reach agreement for reform.
The S&P/TSX Composite Index closed 62.23 (0.41 per cent)
The NYSE closed lower (although the Nasdaq was up slightly)
Oil is trending higher (Brent $63.17, WTI $58.93 at 4pm)
Gold is trending lower
The loonie is valued at U$0.8033 (at 4pm)
59,000 more workers in Canada
While the US Labor Department was delivering the mixed-blessings of 280,000 new job; which increases the likelihood of the Fed increasing interest rates; Statistics Canada was delivering strong jobs growth here. Employment increased by 59,000 with the private sector adding the majority. The unemployment rate stayed the same for the fourth consecutive month at 6.8 per cent.
Men aged 25-54, and men 55 and older saw the largest gains in employment with other demographics little changed. Employment increased in Ontario, British Columbia and Nova Scotia, while it declined in Newfoundland and Labrador, Manitoba and New Brunswick. There were gains across most sectors but public administration and agriculture had fewer jobs. Self-employment was largely unchanged while public sector jobs declined.
Tories oppose foreign ownership of telecoms
A global trade deal that would open up much of the world’s telecom markets to increased competition has been opposed by the federal government. According to The Huffington Post documents revealed by WikiLeaks show that Canada was strongly opposed to the section of the agreement which would make restrictions on foreign investment illegal.
Mazda recalls 66,000 cars in Canada
Mazda has expanded its recall of cars fitted with airbags made by Takata. A further 503,000 cars and 35,000 pick-ups were formally recalled across North America Friday with 66,000 of them in Canada. The models are; 2003-2008 Mazda 6; 2006-2007 Mazda Speed 6; 2004-2008 RX-8; and 2004-2006 B-Series pickup.