Markets, oil end higher
World markets enjoyed a more positive session Tuesday as oil prices gained along with equities. Toronto’s main index was boosted by financials and energy stocks while GDP figures showed 0.2 per cent growth in the fourth quarter, slowing from the 0.6 per cent of Q3, but the reaction was positive given expectation for decline.
Asian markets also brushed off concern over growth, despite China’s factory data showing weakness; the major indexes closed higher. European indexes were boosted by the higher oil prices and the stronger world markets.
Wall Street closed higher following a poor session Monday; the Dow Jones closed up more than 2 per cent.
The S&P/TSX Composite Index closed up 121.8 (0.95 per cent)
The Dow Jones closed up 348.6 (2.11 per cent)
Oil is trending mixed (Brent down at $36.50, WTI up at $33.87 at 4.30pm)
Gold is trending lower (1232.80 at 4.30pm)
The loonie is valued at U$0.7454
International banking helps Scotia gain
Scotiabank’s profits have been boosted by its international operations as its domestic banking division has slowed in line with other Canadian banks. The bank’s international profits rose 21 per cent in its first fiscal quarter while domestic banking was up 7 per cent. Overall profits were up 5.1 per cent year-over-year at $1.8 billion.
120 jobs lost at Nexen Energy
The energy sector has lost another 120 jobs, this time at Nexen Energy. The Calgary-based firm said Tuesday that the current economic situation has led to the decision. The Canadian Press says that 40,000 direct jobs were cut in the oil sector in the past year, according to the Canadian Association of Petroleum Producers.
BoC warns of fake emails using its logo
The Bank of Canada has issued a warning over fake emails which appear to come from the bank. The emails include the bank’s logo, names of officers and other details but are a scam. The BoC has pointed out that it does not accept deposits from individuals or collect personal financial information from individuals via email.