Markets take a tumble as fears dominate
The end of the week brought little cheer to the markets as oil, gold, equities and sentiment all slipped lower.
The main TSX index ended slightly to the lower side of flat as miners dipped with gold producers again hit with lower prices on expectation of a Fed rate rise in September. Banks and railways were among the few sectors rising.
Wall Street also closed lower as oil prices declined while concern over the impact of interest rates rose. US crude rebounded later in the session but offered little support.
European and Asian markets were mostly lower too.
The loonie snapped its recent gains, losing almost half a cent by the close.
The S&P/TSX Composite Index closed down 8.22 (0.06 per cent)
The Dow Jones closed down 45.13 (0.24 per cent)
Oil is trending mixed (Brent down at $50.80, WTI up at $48.48 at 4.30pm)
Gold is trending lower (1344.40 at 4.30pm)
The loonie is valued at U$0.7778
Inflation pace slows, retail sales dip
The rate of inflation slowed in the 12 months to July, rising 1.3 per cent compared to June’s 12-month figure of 1.5 per cent.
Statistics Canada reported Friday that prices increased in 6 out of the 8 major components of the Consumer Price Index.
Gasoline prices were the largest drag, down 14 per cent in July compared to 8.5 per cent in June. Clothing and footwear were the other sector to decline.
The seasonally-adjusted monthly CPI was unchanged.
Meanwhile, StatsCan reported a 0.1 per cent dip in retail sales for June with a total of $44.1 billion.
Sales were lower in 7 of 11 sectors led by food and beverage stores and general retailers. Motor vehicles and car parts dealers edged higher.
Without the effect of price changes, sales were down 0.3 per cent in volume terms in June.
Ontario Teachers reportedly selling Vancouver real estate stake
Cadillac Fairview, the real-estate arm of Ontario Teachers’ Pension Plan is reportedly selling a minority stake in its $4 billion portfolio of Vancouver real estate.
The Globe and Mail cites unnamed sources familiar with the matter in its report that CBRE Group and RBC have been brought in to handle the sale.
The portfolio of 14 properties in downtown Vancouver and Richmond includes shopping malls and office towers.