Equities recover despite failed oil talks
Monday’s global session started lower as investors digested the news that the oil producers’ talks in Doha had ended without an agreement on an output cap. During the day though equities recovered but oil remains weakened by the failed talks.
The main TSX index closed slightly higher as 8 of the 10 major sectors gained. Wall Street also posted gains for its three main indexes.
Asian markets closed lower with Japan’s Nikkei sharply lower following the weekend earthquakes. European indexes closed higher.
The S&P/TSX closed up 82.62 (0.61 per cent)
The Dow Jones closed up 106.7 (0.60 per cent)
Oil is trending lower (Brent $43.07, WTI $39.93 at 4.20pm)
Gold is trending lower (1233.40 at 4.20pm)
The loonie is valued at U$0.7807
GM announces Toronto head office
General Motors will open a dedicated head office for its Cadillac division in Toronto. The office, which will be named the GM Mobility Campus, will be located in the east of the city on land currently used as a film studio. As well as being the Cadillac head office, there will be a dealership and it will be the Canadian base for GM’s car sharing service Maven.
Foreign investment in Canada increased in February
Foreign investment in Canadian securities reached $15.9 billion in February, Statistics Canada said Monday. Canadian investors resumed their acquisitions of foreign securities too, adding $4.4 billion to their holdings, following a $14.7 billion divestment in January.
Acquisitions of Canadian investments was focused on the bonds market and was the largest investment since last fall, reaching $15.9 billion. Bonds were also the main focus for Canadian investors buying foreign securities. US bonds saw the largest investment.
This market is worth $591 billion a year
The OECD reported Monday that the market for counterfeit goods was worth $591 billion annually. That makes the value of fake imports larger than the GDP of Austria! US, Italian, French and Swiss brands are the ones most impacted by fakes and China is the country most responsible for the counterfeits.