Equities lower on France attack, Turkey coup
Equities largely ended their run of positivity Friday as European markets were rattled by an apparent terrorist attack in the French town of Nice; and a military coup attempt in Turkey.
Despite no confirmed link to a terrorist organisation, the truck driver who deliberately ran down and killed at least 84 people at Bastille Day celebrations, was known to police and the French prime minister said that there was almost certainly a link to Islamic radicalism.
The attempted coup in Turkey has been staged by a breakaway element of the military and has meant the country’s legitimate forces being deployed on the streets of a number of cities. The government says it is still in control. The story is developing.
The events in Europe have shaken equity markets there and in North America with Toronto and Wall Street closing mostly lower, although the Dow managed to close flat.
There were some positive influences on markets though with oil prices increasing, gold reversing a recent slide, and Chinese data exceeding expectations.
The S&P/TSX Composite Index closed down 32.10 (0.22 per cent)
The Dow Jones closed up 10.14 (0.05 per cent)
Oil is trending higher (Brent $47.79, WTI $46.12 at 5pm)
Gold is trending higher (1337.70 at 5pm)
The loonie is valued at U$0.7727
Manufacturing sales down 1 per cent
Sales of motor vehicles and petroleum and coal products were the largest drags on Canada’s manufacturing sales, Statistics Canada said Friday.
Overall sales were down 1 per cent in May to $49.9 billion, the third decrease in five months. Nearly 70 per cent of manufacturing saw decline with 15 of the 21 industries in the sector slipping.
The constant dollar volume of sales was 2.4 per cent lower.
Carney brings climate message home
Bank of England governor Mark Carney is back home in Canada with a message for the financial sector.
Avoiding the issue of Brexit, the former BoC governor told an audience at the Toronto Board of Trade that there are “considerable” opportunities for the financial sector from the drive towards lower carbon emissions.
That’s because he estimates that ‘green-investment’ is set to run to as much as $7 trillion per year with the financial sector profiting.