Markets wobble on US jobs, end higher
North America’s stock markets fell during the morning Friday as US jobs data came in weaker than expected fuelling fears of wider economic issues. However as the session continued the sentiment rose on the positive aspects of the news and a rally in oil prices.
European markets also closed higher having decided that the data would mean a delay in US interest rate hikes possibly until 2016. Asian indexes had closed broadly higher earlier in the day; China’s stock markets are closed for holidays.
The S&P/TSX Composite Index closed up 97.85 (0.74 per cent)
The Dow Jones closed up 200.4 (1.23 per cent)
Oil is trending higher (Brent $48.18, WTI $45.63 at 4.40pm)
Gold is trending higher (1137.40)
The loonie is valued at U$0.7592
National Bank axes jobs
The National Bank of Canada is cutting “a few hundred” jobs as it seeks to shore up finances amid strengthened capital reserve requirements. The bank’s CEO Louis Vachon
sent an email to employees which referred to “increased competition” in the banking sector while the Financial Post says that the bank is set for losses of $300 million from its investment in Maple Financial. National hopes that those staff affected will be able to find other roles within the organisation. The exact number and type of positions have not been revealed.
VW Canada offers deals as sales fall
Canadian consumers didn’t take long to react to the emissions scandal which has rocked Volkswagen and threatens to impact other manufacturers. Sales have declined since the news of the false data was revealed and now the company is offering deals on finance and leasing costs. The Globe and Mail reports that sales of VW autos dropped 20 per cent in Canada as a result of the scandal.